SANTA BARBARA, CA–Although multifamily rents nationwideincreased in May for the third month in a row, Yardi Matrix iscontinuing to chart a deceleration in the growth rate. Average USmonthly rents rose $4 to $1,316, according to Yardi Matrix'smonthly survey of 121 markets.
On a year-over-year basis, rents were up 1.5% nationwide in May.The Y-O-Y growth rate was down 40 basis points from April, 90 bpsfrom March and well below the 5.3% growth rate of a year ago.“Deceleration is more than firmly established, as the Y-O-Y growthrate has decreased for 13 straight months since reaching 5.4% inApril 2016,” according to the Yardi Matrix report. The last timethe Y-O-Y was as low as 1.5% was in April 2011.
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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.
