• Yardi Matrix's monthly survey report of 119 markets found rents rose in price by double digits for the third straight month, and $10 for the month of June.
  • Chicago occupancy rate remains strong, at 96.5 percent month-over-month.
  • Forecasted to only grow 2 percent by the end of the year, rent growth in Chicago is slow behind South and West Coast cities.

U.S. apartment rents have increased for the third-straight month, according to Yardi Matrix’s monthly survey of 119 markets. June rent rates increased by exactly $10, or 0.9 percent, to another all-time high of $1,213.

Rents were up 2.7 percent in the second quarter of 2016 and climbed 5.6 percent on an annual basis. Year-to-date rents increased 4.2 percent, which is almost to the tipping point of the forecasted total 2016 growth.

Although home prices increased pretty consistently, rental growth has slowed. Annually, rent growth dipped 30 basis points and is down 110 basis points from the most recent high reported in October. Prices have steadily risen since the start of the year.

Yardi studied the Brexit in its June report as well, but the company doesn’t believe the overseas shift will have much of an impact on the apartment market in the U.S.


On an eight-year average, rent growth was reported by Yardi at 2.8 percent. The only market of the 119 studied that saw annual rents hit a mark below that rate was Houston, where rental growth has slowed substaintially. Compared with the national annual growth of 5.6 percent, Austin and Philadelphia were the two cities closest to the average.

Sacramento came in with the highest year-over-year growth, followed by Seattle, Portland and Los Angeles.


On a trailing 12-month basis in June, rents grew by 6.2 percent nationally. Rents fell by 10 basis points overall, which was largely due to a dip in lifestyle renters from 5.9 percent to 5.8 percent.

Chicago rent prices

Chicago is one of many metro areas that has seen an increase in lifestyle renters. Yardi reports a growth of 1.3 percent in the lifestyle segement, compared with the 1.1 percent overall growth rate.

Occupancy rate is considerably high in Chicago, at 96.5 percent as of May 2016. This figure remained stable month-over-month in the Windy City.

By the end of the year, rent growth in Chicago is forecasted by Yardi to be at 2 percent, putting Chicago rent growth pretty close to the bottom tier of growth throughout the nation’s cities. Chicago ranks right above the Twin Cities of Minnesota, Richmond, Philadelphia, Washington D.C. and Baltimore.

Email Kimberly Manning

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription