Phoenix and Las Vegas maintain their year-over-year rent growth leadership

Bolstered by a positive economic environment, U.S. multifamily rents increased 3 percent year-over-year in January 2020.

Sixteen of the country’s top 30 markets posted year-over-year rent growth above the national average and none experienced a decline, stated a new report from Yardi® Matrix. The $1,463 rent was $1 below the average for December, but “stagnant or decelerating rents are common during the winter months and could continue” through the first quarter, the report says. The national economy’s resilience continues to sustain “strong and steady” multifamily fundamentals.

Phoenix and Las Vegas maintained their year-over-year rent growth leadership for the 16th consecutive month in Janua