Three Southeastern markets that have recently re-entered the top 10 after absorbing significant amounts of new supply.
The multifamily market is on track to deliver another stellar year as numbers continue to come in from October’s performance. Yardi Matrix reports that average US rents rose $1 for the month to $1,476, reaching yet another all-time high, while year-over-year growth has been at least 3% for more than a year.
Indeed, rent growth has been steady for the past few months, after decelerating from a 2019 high of 3.5% in May. “The fourth quarter is often a slower time for rent growth, but continuous demand and a slowly growing economy will likely keep rent growth above its long-term average,” says Yardi Matrix’s October report.
Perhaps what is more telling about the health of the apartment sector are the three Southeastern markets that have recently re-entered the top 10 after absorbing significant amounts of new supply. These cities are Raleigh, Charlotte and Nashville. They have had some of the strongest demographic demand for multifamily housing in the nation, but high deliveries had weighed on rent growth for much of the past few years, according to Yardi Matrix. “However, absorption remains very strong, and rents are growing accordingly.”
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Source: Globest.com