{"id":1004130635,"date":"2015-11-03T06:47:20","date_gmt":"2015-11-03T14:47:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004130635"},"modified":"2022-12-06T00:18:37","modified_gmt":"2022-12-06T08:18:37","slug":"what-octobers-cooling-rents-mean-for-multifamily","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/what-octobers-cooling-rents-mean-for-multifamily\/","title":{"rendered":"What October\u2019s Cooling Rents Mean for Multifamily"},"content":{"rendered":"<p><em>By Mallory Bulman, Associate Editor<\/em><\/p>\n<p>For the first time this year, there has been no rise in rents month-over-month, ending the recent rent growth streak. <a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/MatrixMonthly_1015_YOY_A.jpg\"><img decoding=\"async\" data-attachment-id=\"1004130431\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/matrix-monthly-reports-cooling-apartment-rents-in-october\/matrixmonthly_1015_yoy_a-300x225\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/MatrixMonthly_1015_YOY_A-300x2251.jpg\" data-orig-size=\"300,225\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"MatrixMonthly_1015_YOY_A-300&#215;225\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/MatrixMonthly_1015_YOY_A-300x2251.jpg?w=300\" loading=\"lazy\" class=\"alignright size-medium wp-image-1004130431\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/MatrixMonthly_1015_YOY_A.jpg\" alt=\"MatrixMonthly_1015_YOY_A-300x225\" width=\"300\" height=\"225\" \/><\/a>According to the <a href=\"https:\/\/www.yardi.com\/products\/matrix\/matrix-monthly\/\" target=\"_blank\" rel=\"noopener\">Matrix Monthly<\/a> report released by <a href=\"https:\/\/www.yardi.com\/documents\/2015\/02\/yardi-matrix-brochure.pdf\" target=\"_blank\" rel=\"noopener\">Yardi\u00ae Matrix<\/a>, October rents were $1,166, differing little from the September figure.<\/p>\n<p>\u201cThat\u2019s not surprising, because rent growth is seasonal and usually rent growth is highest in the spring, and fewer people move in the fall. So it\u2019s not unusual that rents didn\u2019t go up this month,\u201d commented Paul Fiorilla, editorial director at Yardi Matrix.<\/p>\n<p>There was still an increase in the year-over-year October figure of 6.7 percent, which is 10 basis points higher than September\u2019s post-recession high-water level. Rental rates are showing signs of slowing in the rapidly growing markets of Portland, Ore., San Francisco, Seattle and Denver.<\/p>\n<p>\u201cRent growth, nationally, is still very strong. It\u2019s 6.7 percent compared to the historical average of 2.8 percent. We\u2019re starting to see signs that there\u2019s a rotation of the rent growth, that some of the hot cities and hot markets are cooling down to more sustainable levels,\u201d said Fiorilla.<\/p>\n<p>However, markets like Atlanta, Orlando, Fla., Phoenix, Dallas and Tampa, Fla., are heating up and displaying late-stage growth. \u201cThese are markets where the economy is very strong, and there\u2019s a lot of job growth. There is a sign that some of the hotter markets that have been really hot may be cooling down, but 12-15 percent rent growth is not sustainable. If they cool down, that\u2019s not a surprise,\u201d said Fiorilla regarding these up-and-coming markets.<\/p>\n<p>Fiorilla also pointed out that in the three-month figure, there is a large gap between rental growth of lifestyle units and rent-by-necessity units, citing that 16 out of 30 metros experienced negative growth for lifestyle units. \u201cThat\u2019s a sign that possibly the increased supply in a lot of markets on the high end are starting to hit the limits on rent growth among the more expensive higher-end properties where the demand is still pretty strong for more affordable properties,\u201d he explained.<\/p>\n<p>Download the full October report on the <a href=\"https:\/\/www.yardimatrix.com\/downloads\/reports\/matrix-monthly\/Yardi-Matrix-Monthly-Oct-2015.pdf\" target=\"_blank\" rel=\"noopener\">Yardi Matrix website<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yardi Matrix editorial director Paul Fiorilla weighs in on the October Matrix Monthly report findings.<\/p>\n","protected":false},"author":1165,"featured_media":1004130431,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23891,21742],"tags":[],"class_list":["post-1004130635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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