Multifamily Deliveries Slow As Of Q3: Here's What Investors, Operators Need To Know
October 9, 2017 | Champaign Williams | Bisnow.com
Below are three quick multifamily trends to note coming out of Q3, according to data compiled by Yardi Matrix.
1. Rent Growth Deceleration Persists
National multifamily rents ended Q3 flat, advancing only $1 during the summer months, Yardi reports. Though rent growth was strong during July and August, as is expected since many renters renew their leases around this time, that growth stalled in September by 10 basis points month-to-month. That brought rents to an average $1,354 nationwide, down 2.2% year-over-year, according to Yardi Matrix’s monthly survey of 121 markets.
Rent growth peaked in 2015 and has since slowed its pace. Rents rose 2.6% the first three quarters of 2017, 3.4% the first three quarters of 2016 and 4.9% during the same period in 2015.