Industry News

Residential real estate rental rates remain steady

Slow or no growth in multifamily rent, according to quarterly report

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Owners of apartment properties in the Western U.S. experienced little or no growth in income over the past year, according to a study by RealFacts, a research and database organization that focuses on the multifamily housing market. Average rent growth in the past year was 2.1 percent, RealFacts reported. In the second quarter of 2005 the average apartment rented for $895, a gain of 0.6 percent since March. The RealFacts survey, which covers more than 11,000 apartment complexes in 90 metropolitan statistical areas, found that rents have stabilized in most markets. As of June 2005, major growth in quarterly rent was demonstrated only in the Inland Empire (Riverside and San Bernardino counties in California), at 2.3 percent, and Greater Las Vegas, at 2 percent. Other areas that showed comparatively decent rent growth were the Los Angeles-Long Beach-Santa Ana, Calif., metropolitan area; the Portland-Vancouver-Beaverton metropolitan area in Oregon and Washington; and the Seattle-Taco...