Apt. Rent Growth Stays Flat in Nov.
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Rents for the trailing months declined o.3% in San Francisco, Yardi says.
SANTA BARBARA, CA—In keeping with normal seasonal patterns, US multifamily rent growth was basically flat in November, just as October was unchanged from the month before. However, Yardi’s latest Matrix Monthly report, released Friday, also shows a near-term deceleration in the hottest markets as well as the effects of supply growth.
November’s national average of 111 apartment markets covered by Yardi Matrix showed a $1 decline in rents to $1,165 per month. Rents increased by 6.4% year-over-year in November, representing a 30-basis-point decline from October but 190 bps higher than the year-ago period.
Also up on a Y-O-Y basis were rental markets in Portland, OR; San Francisco; Sacramento; Seattle; Atlanta; and Denver, according to Yardi. Looking at the trailing three-month numbers for many of these markets tells a different story, though…
