DALLAS—US multifamily continues to gainstrength—more than expected, in fact. In a report providedexclusively to GlobeSt.com, Dallas-basedAxiometrics says annualized rent growth nationallyreached 4.0% in the third quarter for the first time in nearly twoyears, while quarterly effective rent growth increasedsignificantly over Q3 2013.
Occupancy also notched north of 95%, breaking the record of95.0% set last quarter, which had been the highest since Q1 2001.Q3's quarterly growth in effective net rents increased to 1.6% from1.2% the year prior, continuing a pattern of year-over-yearimprovements established at the start of 2014.
“That 1.6% growth is great for the summer season,” saysJay Denton, SVP at Axiometrics. “The quarterlynumbers this year show a stronger apartment market than weanticipated at the start of the year.”
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
