The average apartment rent rose by $12 in June to $1,405, according to data recently released in a report by Yardi® Matrix. The increase is a 2.9 percent rise year-over-year.
“The healthy showing might put to rest fears that rent deceleration from the peak 2015-2016 years will turn into a flattening or negative growth,” the report states, which is “a good sign that demand generally is holding up and that robust supply growth is not an impediment to rent growth in most markets.”
The areas that grew the most in June were Orlando, Fla.; Las Vegas, Nev.; California’s Inland Empire; Phoenix, Ariz.; and Tampa, Fla.
For more information, please visit www.yardi.com.
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