{"id":1004122231,"date":"2015-06-30T06:23:38","date_gmt":"2015-06-30T14:23:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004122231"},"modified":"2022-12-08T08:11:29","modified_gmt":"2022-12-08T16:11:29","slug":"top-6-cities-for-highest-rent-growth","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/top-6-cities-for-highest-rent-growth\/","title":{"rendered":"Top 6 Cities for Highest Rent Growth"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/em><\/p>\n

\"Paul<\/a>

Paul Fiorilla, Yardi<\/p><\/div>\n

Average multifamily rents nationwide \u201ccontinue to flourish at historically robust levels,\u201d a situation highlighted by an increase of 6.3 percent over the past 12 months, according to a report released Monday by Yardi. Based on data from 100 U.S. markets, the June 2015 edition of Yardi\u2019s Matrix Monthly also reported a 1.3 percent month-over-month rent increase in June, the largest increase during the current recovery.<\/p>\n

\"Click<\/a>

Click to enlarge<\/p><\/div>\n

Multifamily rents have been bolstered by ongoing job growth, pent-up demand from millennials and favorable demographic factors, the report stated.<\/p>\n

Better yet for multifamily<\/a>\u00a0property owners, rent growth actually has accelerated, according to the report. The average national rent grew 1.3 percent month over month and 2.9 percent over the last three months, versus 1.1 percent and 2.3 percent in 2014, respectively. The report cautioned that this surge is somewhat seasonal, since apartment rents tend to rise more in the spring, but nonetheless noted that the latest one- and three-month increases \u201crepresent the fastest rent growth in several years.\u201d<\/p>\n

\u201cFar from slowing down, apartment rents continue to grow robustly in many markets with strong employment growth and in-migration from Millennials and retirees,\u201d Paul Fiorilla, associate director of research at Yardi Systems Inc., the publication’s parent company, told Commercial Property Executive<\/a><\/em>. \u201cAlthough rents can\u2019t continue to grow at the current rate, we do expect multi-family absorption to remain solid this year, which means owners should find tenants to fill the large amount of new supply.\u201d<\/p>\n

Unsurprisingly, the rent growth was led by the West Coast and the Sunbelt. Portland (15.1 percent), Denver (12.4 percent), San Francisco (11.6 percent) and Sacramento (11 percent) led the growth on a year-over-year basis, while Jacksonville (13.2 percent) and Atlanta (9 percent) are among the southern markets with the strongest recent growth.<\/p>\n

Though the Northeast, Mid-Atlantic and Midwest regions aren\u2019t as stellar, the report concluded that \u201crent growth is strong across the country.\u201d Only six of the 100 markets surveyed did not reach 4 percent year-over-year rent growth: Kansas City<\/a> (3.5 percent); Albuquerque (3.2 percent); Philadelphia (3 percent); Washington, D.C. (2.7 percent); Baltimore <\/a>(2.5 percent); and Richmond <\/a>(1.4 percent).<\/p>\n

The rate of new household formation, which hit a multi-year high of 2 million in 2014, will continue at above-trend levels, said Fiorilla, due to pent-up demand from Millennials who are getting jobs and now are able to move out of their parents\u2019 homes, or to live on their own instead of doubling up with roommates. The large number of new household units, he added, will produce demand for both apartments and single-family homes.<\/p>\n","protected":false},"excerpt":{"rendered":"

Yardi\u2019s Matrix Monthly reported the following findings about average multi-family rents nationwide. <\/p>\n","protected":false},"author":882,"featured_media":1004507463,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742],"tags":[],"class_list":["post-1004122231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest"],"acf":[],"yoast_head":"\nTop 6 Cities for Highest Rent Growth - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/top-6-cities-for-highest-rent-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top 6 Cities for Highest Rent Growth\" \/>\n<meta property=\"og:description\" content=\"Yardi\u2019s Matrix Monthly reported the following findings about average multi-family rents nationwide.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/top-6-cities-for-highest-rent-growth\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-06-30T14:23:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T16:11:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Paul-Fiorilla-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"398\" \/>\n\t<meta property=\"og:image:height\" content=\"336\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/top-6-cities-for-highest-rent-growth\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/top-6-cities-for-highest-rent-growth\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Top 6 Cities for Highest Rent Growth\",\"datePublished\":\"2015-06-30T14:23:38+00:00\",\"dateModified\":\"2022-12-08T16:11:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/top-6-cities-for-highest-rent-growth\\\/\"},\"wordCount\":433,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/top-6-cities-for-highest-rent-growth\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/Paul-Fiorilla-1.jpg\",\"articleSection\":[\"Featured\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/top-6-cities-for-highest-rent-growth\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/top-6-cities-for-highest-rent-growth\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/top-6-cities-for-highest-rent-growth\\\/\",\"name\":\"Top 6 Cities for Highest Rent Growth - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/top-6-cities-for-highest-rent-growth\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/top-6-cities-for-highest-rent-growth\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/Paul-Fiorilla-1.jpg\",\"datePublished\":\"2015-06-30T14:23:38+00:00\",\"dateModified\":\"2022-12-08T16:11:29+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/top-6-cities-for-highest-rent-growth\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/top-6-cities-for-highest-rent-growth\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/top-6-cities-for-highest-rent-growth\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/Paul-Fiorilla-1.jpg\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/Paul-Fiorilla-1.jpg\",\"width\":398,\"height\":336},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/top-6-cities-for-highest-rent-growth\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Top 6 Cities for Highest Rent Growth\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/scott-baltic\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Top 6 Cities for Highest Rent Growth - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/top-6-cities-for-highest-rent-growth\/","og_locale":"en_US","og_type":"article","og_title":"Top 6 Cities for Highest Rent Growth","og_description":"Yardi\u2019s Matrix Monthly reported the following findings about average multi-family rents nationwide.","og_url":"https:\/\/www.commercialsearch.com\/news\/top-6-cities-for-highest-rent-growth\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2015-06-30T14:23:38+00:00","article_modified_time":"2022-12-08T16:11:29+00:00","og_image":[{"width":398,"height":336,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Paul-Fiorilla-1.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/top-6-cities-for-highest-rent-growth\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/top-6-cities-for-highest-rent-growth\/"},"author":{"name":"Scott Baltic","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"headline":"Top 6 Cities for Highest Rent Growth","datePublished":"2015-06-30T14:23:38+00:00","dateModified":"2022-12-08T16:11:29+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/top-6-cities-for-highest-rent-growth\/"},"wordCount":433,"commentCount":0,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/top-6-cities-for-highest-rent-growth\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Paul-Fiorilla-1.jpg","articleSection":["Featured","News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/top-6-cities-for-highest-rent-growth\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/top-6-cities-for-highest-rent-growth\/","url":"https:\/\/www.commercialsearch.com\/news\/top-6-cities-for-highest-rent-growth\/","name":"Top 6 Cities for Highest Rent Growth - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/top-6-cities-for-highest-rent-growth\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/top-6-cities-for-highest-rent-growth\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Paul-Fiorilla-1.jpg","datePublished":"2015-06-30T14:23:38+00:00","dateModified":"2022-12-08T16:11:29+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/top-6-cities-for-highest-rent-growth\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/top-6-cities-for-highest-rent-growth\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/top-6-cities-for-highest-rent-growth\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Paul-Fiorilla-1.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Paul-Fiorilla-1.jpg","width":398,"height":336},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/top-6-cities-for-highest-rent-growth\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Top 6 Cities for Highest Rent Growth"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Paul-Fiorilla-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004122231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004122231"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004122231\/revisions"}],"predecessor-version":[{"id":1004615012,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004122231\/revisions\/1004615012"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004507463"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004122231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004122231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004122231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}