Rents are on the rise across the country, and that's a positive indicator for the industry and the economy at large, reports Yardi® Matrix. Multifamily rents increased by 0.6 percent on a year-over-year basis in March, with the national average rising by $6 to $1,407.
“Nationally, multifamily rents had one of the strongest first quarters in a few years, with rents up 0.8 percent from the previous quarter. In the first quarter of 2020, the effects of the pandemic were just beginning to set in,” wrote analysts in the March Matrix Multifamily National Report. Out of 134 markets surveyed, 114 had flat or positive year-over-year rent growth.
Leading the way were affordable cities and suburbs in the West, with the Inland Empire (8.3 percent), Sacramento (7.3 percent) and Phoenix (6.9 percent) leading national tallies in year-over-year
