The June edition of Matrix Monthly, a report on U.S. apartment market trends from Yardi, documents a robust 6.3% year-over-year increase in average rents across the country. Rents rose by 1.3% month-over-month in June, the largest increase since the last recession, and are now at an all-time high of $1,150.
Continued rent escalation in San Francisco, Denver, Jacksonville, Fla., and Portland, Ore., accounted for much of the average rent increase in June. Demand for higher-end product also contributed to this trend.
Matrix Monthly is a monthly survey of apartment owners in the 100 U.S. markets covered by Yardi's Pierce-Eislen business unit. Brokers, sponsors, banks and equity sources that underwrite multifamily investment transactions use the report as a business development tool.
To see the full June report, click here. Email [email protected] or call 408-663-1149 with questions or comments. Tags: