Sacramento’s multifamily fundamentals held up during past three quarters
Sacramento’s multifamily fundamentals held up well through the year’s first three quarters, outperforming major markets and the nation, according to Yardi Matrix. The average apartment rent rose 0.6 percent on a trailing three-month basis through September to $1,575 per month, while the U.S. rate inched up 0.1 percent to $1,463 per month. The occupancy rate in stabilized properties pointed to solid demand, with the rate rising 10 basis points in the year ending in August to 96.2 percent.
But the metro is not out of the woods yet, even though the unemployment rate fell from an all-time high of 14 percent in April to 11.6 percent in July. Moreover, due to a high number of unemployment claims, on Sept. 20, officials suspended the processing of new applications for two weeks. The job market marked the fourth consecutive month of contractions, down 6.8 percent in July and 20 basis points above the U.S. rate. All sectors lost jobs, except financial activities. Government jobs a