There was little change month-over-month for US rents in September
There was little change month-over-month for US rents in September.
The US average monthly rent was $1354 according to a survey of 121 markets by Yardi Matrix which shows that while average rents nationally were up 2.2% year-over-year, that’s the lowest rate of increase since April 2011.
The property investment software firm’s report says the rental sector is facing an inventory squeeze due to a lack of qualified workers to complete apartment units under construction.
“The labor shortage is expected to worsen in some areas as workers migrate to Houston and Florida to assist in the efforts to rebuild after Hurricanes Harvey and Irma,” the report says.
However, the report has a positive tone on the multifamily sector despite the weaker growth of rents and the traditional seasonal slowdown in the fourth quarter.
“We don’t believe it’s time to turn out the lights on the expansion in the multifamily sector,” the report says, noting that capital forces remain healthy for investment in the sector too.
The top markets for rent appreciation among the 121 surveyed were Sacramento, Calif., Seattle, California’s Inland Empire, the Minneapolis-St. Paul metro area in Minnesota, and Orlando, Fla.
The US average monthly rent was $1354 according to a survey of 121 markets by Yardi Matrix which shows that while average rents nationally were up 2.2% year-over-year, that’s the lowest rate of increase since April 2011.
The property investment software firm’s report says the rental sector is facing an inventory squeeze due to a lack of qualified workers to complete apartment units under construction.
“The labor shortage is expected to worsen in some areas as workers migrate to Houston and Florida to assist in the efforts to rebuild after Hurricanes Harvey and Irma,” the report says.
However, the report has a positive tone on the multifamily sector despite the weaker growth of rents and the traditional seasonal slowdown in the fourth quarter.
“We don’t believe it’s time to turn out the lights on the expansion in the multifamily sector,” the report says, noting that capital forces remain healthy for investment in the sector too.
The top markets for rent appreciation among the 121 surveyed were Sacramento, Calif., Seattle, California’s Inland Empire, the Minneapolis-St. Paul metro area in Minnesota, and Orlando, Fla.
