The multifamily market is showing no signs of slowing down, at least according to the latest data provided by YardiMatrix. That’s good news for landlord, but not the best for tenants struggling to find affordable apartment units.
The company’s June rent survey found that apartment rents hit an average high of $1,150, an increase of 6.3 percent from June of last year.
Rent growth is actually accelerating, according to YardiMatrix. The company reported that national apartment rents grew 1.3 percent from May to June and 2.9 percent during the last three months. In 2014, rents only grew 1.1 percent from May to June and 2.3 percent during the three months of April, May and June.
The Midwest didn’t make the list of the hottest rental markets. Portland saw its year-over-year apartment rents jump 15.1 percent to top the list, while Denver (12.4 percent), San Francisco (11.6 percent) and Sacramento (11 percent) also saw big year-over-year increases.
Only six U.S. markets failed to see apartment rents grow 4 percent from June of 2014 to the same month this year. One of these markets was in the Midwest, Kansas City, where apartment rents grew 3.5 percent from June of last year to June of this year.