U.S. multifamily rents continued their flat growth pattern of the last two months, dropping by $1 to $1,165 nationwide, according to the most recent edition of Matrix Monthly, a survey of the 111 markets covered by Yardi® Matrix.
Rents had risen for nine straight months before remaining virtually unchanged in November. Mild growth during the winter months is a normal seasonal phenomenon.
Rents increased by 6.4 percent year-over-year in November, a 30-basis-point decline from October but 190 basis points more than the 4.5 percent rent growth recorded in November 2014. Rental markets in Portland, Ore.; San Francisco; Sacramento, Calif.; Seattle; Atlanta; and Denver were among the year-over-year leaders last month.
Yardi Matrix serves as a business development tool for brokers, sponsors, banks and equity sources that underwrite multifamily investment transactions.