DataMarkets & Economy

Miami rent market fueled by new stock of inventory

Report finds US rent averages increased $3 in August to reach the eighth consecutive monthly record
  • Yardi reported national average rent prices increased 5 percent in August compared with the same month last year.
  • Miami rent prices are forecasted to grow 5.6 percent by the end of 2016, with both lifestyle and renter-by-necessity asset classes growing.
  • Stock of new homes in Miami comprise 2.8 percent of the total stock of homes.

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The multifamily rental market is starting to reflect the introduction of fall, cooling off but still growing. According to the Yardi Matrix Monthly report, which is a monthly measurement of 120 U.S. markets, August marked the eighth consecutive month of record rent prices. Annually, national rent prices were up 5 percent but slipped 50 basis points from the previous month. Sacramento was on one end of the spectrum, while Houston was on the other. Sacramento rent prices increased 11.9 percent annually, while Houston rent prices hardly moved from where they were in August 2015. Orange County and Las Vegas were closest to the national average of 5 percent year-over-year rent growth. When looking at the trailing annual year-over-year price changes, which is an average calculation of rent changes over a year, the national trailing 12-month change was 6 percent. Portland had the biggest jump, at 12.5 percent. In the 12-month trailing, Houston ranked in the last spot o...