Even though U.S. multifamily rents declined in September 2019, the market “remains the picture of stability” amid turbulence in the larger financial world, according to a new report from Yardi® Matrix.
The average national rent fell $1 to $1,471 in the month. However, rents are up 2.9% year-to-date, putting 3% growth for the full year, which has happened five of the last six years, within reach. “There is no evidence to indicate that slow, steady growth will not continue for a while,” the report says.
With the national occupancy rate consistently above 95% and no slowdown in demand, “it’s no wonder that investors looking for a safe haven and surprise-free returns have identified multifamily as an asset class in which to increase allocations,” the report notes.
The August list of rent growth leaders remained virtually unchanged in September, with Las Vegas and Phoenix continuing to hold the top spots. Boston and Sacramento, Calif., switched places while Charlotte, N.C., edged Austin, Texas, out of fifth place.
Read more at the Yardi Matrix U.S multifamily report for September 2019.