Multifamily rents rose last month, indicating pandemic recovery
The multifamily market is rebounding from the pandemic at a rapid clip, and gateway markets are now seeing positive performance indicators for the first time in many months. The latest Yardi Matrix Multifamily National Report has much good news for owners and investors, including a 1.6 percent year-over-year rent increase.
"That is the largest increase that we have seen since the beginning of the pandemic," said Matrix analysts. Overall, national monthly apartment rents increased by $10 in April to $1,417. The last time overall rents increased by that amount in a month was June 2015. It was also the largest year-over-year jump since March 2020.
Out of the top 30 markets Matrix reports on, 24 had month-over-month rent growth greater than 0.5 percent. Of particular significance were the gains in gateway markets. Miami leads the gateway markets with 0.8 percent rent growth on a trailing three-month basis. All other gateways had positive trailing three-month rent growth, w