Rentals

Yardi: rent growth starting to moderate this summer across metros

Yardi Matrix report finds that rents are still growing throughout the nation, but the rate is decelerating
  • Yardi monthly report finds average rent across the country increased $4 from June to $1,217 in July.
  • Sacramento, Seattle, Los Angeles, Portland and the Inland Empire were the top metros for rent growth in July.
  • Houston rent growth ranked very low in July, fueled by a low job growth rate of 0.4 percent.

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Rents continue to rise throughout the nation, fueled by strong job growth, demand and the continued fall of homeownership, accoridng to real estate data and software firm Yardi. In the 119 markets covered by Yardi, the average apartment rent in the nation topped the June average by $4 to reach $1,217, according to the most recent Matrix Monthly report. The usual suspects are leading the pack in year-over-year growth and demand, including Sacramento, Los Angeles, Seattle and the Inland Empire. New supply and lack of affordability are causing some metros such as Austin, Houston, Denver and San Francisco to start to moderate. Annually, rent prices increased 5.5 percent, Yardi says, down 10 basis points from the month prior and 120 basis points lower than the peak last October. And while the growth is still strong, several factors are pointing toward the continued moderation of rental price increases. Year-to-date rents are up 4.6 percent, which is higher than full year expecta...