Markets & EconomyRentals

Late-recovering Western markets push rent growth nationwide

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During the second quarter, the West region posted new lease rent growth of 7.8 percent year over year. This uptick is a major reason why rents for new leases increased by 5.2 percent nationwide spanning the past 12 months and by 2.5 percent during the past three months. Rents for renewal leases also climbed 4.3 percent year over year. “The nation’s average price increase is being skewed quite a bit by the surging rents in the Western region of the country,” said Greg Willett, vice president of MPF Research, a division of RealPage Inc. that released the above data. Spanning June 2014 to June 2015, seven of the top 10 metros for new lease rent growth were in the West. Of the top 16 markets, 13 were in the West. “What’s really driving such high levels of overall growth in the West is that price increases have spread to the region’s other large markets,” Willett added, citing Southern California, Phoenix, Las Vegas and Sacramento. During the past 12 months,...