Units Magazine reports that “After months of continued increases, multifamily rent growth “has now hit a wall, with rents dropping $1 to $1,471 for the month of September. Despite year-over-year growth falling 20 basis points to 3.2 percent, the market remains healthy as 2019 has shown another year of above-average rents, according to a Yardi Matrix survey of 127 markets.”
Nationally, rents are up 2.9 percent year-to-date, raising 0.3 percent in the third quarter alone. In terms of metro performance, Las Vegas (6.8%), Phoenix (6.1%) and Sacramento (4.7%) remain unshakeable at the top of the metro rankings, but beyond those markets there is a lot of movement. For example, growth has moderated in Florida metros Tampa and Orlando (both 2.4%) and Miami (2.2%).
To download the September Yardi Multifamily Market Report, click here.