National multifamily rent growth breaks records in June

Multifamily asking rents jumped an average of 6.3 percent year-over-year in June, the largest leap ever recorded by Yardi® Matrix.

The national average apartment rent increased $23 last month to $1,482, another record, and single-family home rents were up 11 percent year-over-year.

“These are the largest year-over-year and monthly increases in the history of our data set,” said Jeff Adler, vice president of Yardi Matrix. Analysts point to increased household savings and government stimulus funding as factors that have kept the multifamily industry stable during the pandemic period, and now able to rebound as the economy improves.

The newly released data is an economic indicator of post-pandemic recovery across the United States. The largest increases were documented in the lifestyle apartment sector. Renters are also now returning to many gateway markets that saw outbound migration for most of the last year. A supercharged housing market is also pricing out