Yardi Matrix May Report Shows Consecutive Upward Trend of Rent Growth

According to Yardi Matrix’s May National Multifamily Report, rents have continued to rise for the fourth consecutive month. The average U.S. asking rent increased by $6 to $1,733, maintaining a year-over-year growth rate of 0.6%. Despite robust demand, the pace of growth is tempered by substantial new supply entering many markets, particularly in the Sun Belt region. Yearly data reveals that nine out of the top 30 metros experienced year-over-year rent declines of -1.5% or worse—all of which are Sun Belt markets characterized by extensive new construction projects.

Source: https://www.orionprop.com/topfive/asking-rent-grows-modestly-in-may/