Average asking rents rise again in October, Yardi Matrix reports

Average U.S. asking rent increased by $23 in October to $1,572, a record high. Asking rents were also up 13.7 percent year-over-year, according to the latest Yardi® Matrix National Multifamily Report.

According to the report, the continued growth is driven by an ongoing surge in demand that started in the spring and has yet to subside. The average U.S. occupancy rate of stabilized properties reached a record-high 96.1 percent in September, up 1.4 percent year-over-year.

Through September, about 475,000 units were absorbed nationally, topping the prev