U.S. multifamily market stays strong into fourth quarter

Continuing strong demand drove the average U.S. monthly rent to a new high of $1,476 in October 2019, according to Yardi® Matrix.

Seventeen of the 30 major markets tracked by Yardi Matrix experienced year-over-year rent growth of at least 3.3 percent in October, while only two trailed the 2.5 percent long-term average. The average national multifamily rent has grown by 32 percent since January 2012.

Phoenix; Las Vegas; Raleigh, N.C.; California’s Inland Empire; and Sacramento, Calif., were last month’s year-over-year rent growth leaders.

The steady growth trend prompted Oregon, New York and California to enact rent control measures over the past year; several other states are considering them. The report said “these laws are likely to prove counterproductive over time” by increasing cost burdens on markets’