Average July apartment rent increase of $2 ends four months of decline, says Yardi
The majority of U.S. cities saw improved apartment rental market performance in July, according to the latest Yardi Matrix report analyzing the multifamily sector. Out of the top 30 markets, 25 showed improved performance in rent growth from June. Atlanta, Denver and Phoenix did especially well, logging the largest increases in apartment rents from May to July at 1 percent growth.
Year-over-year, rent growth decreased 0.3 percent nationwide as 17 of the top 30 markets saw negative rent growth. West Coast and gateway markets continue to show steep declines, with San Jose (–5.0 percent) and San Francisco (–4.1 percent) leading yet again. Notably, the “renter-by-necessity” asset class is holding strong, with national rents for this category increasing 1.2 percent year-over-year in July.
Rent payments continue to be on pa