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Wednesday, 11 April 2018

Monthly Apartment Rents Increase in Most U.S. Markets

Monthly apartment rents increased over the past year in all but 16 of the 250 markets tracked by Yardi Matrix. The national monthly average increased by 2.5 percent from a year ago, to $1,371/unit. The Santa Barbara, Calif., company expects rents to continue to climb as the supply of units remains out of sync with demand and homeownership out of reach for many.

Commercial Real Estate Direct Staff Report

Monthly apartment rents increased over the past year in all but 16 of the 250 markets tracked by Yardi Matrix.

The national average rent was $1,371/unit last month, a 2.5 percent increase from a year ago, according to the Santa Barbara, Calif., real estate software and research company, which tracks markets with populations of at least 100,000.

Of the 30 markets with the largest increases, 29 were in small areas, which Yardi defines as those with populations of 100,000 to 300,000.

The five largest increases all occurred in that category: Odessa, Texas, up 37.1 percent to $1,223/unit; Midland, Texas, up 29.9 percent to $1,385/unit; Yonkers, N.Y., up 10.7 percent to $1,904/unit; Lancaster, Calif., up 10.6 percent to $1,216/unit; and Reno, Nev., up 10.5 percent to $1,141/unit.

That's because those markets haven't had much new supply of apartment units in recent years, explained Doug Ressler, director of business...


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