The apartment market remains strong, according to early data prepared by Axiometrics, the leader in apartment market and student housing research and analysis.
The national occupancy rate was 94.8% in the first quarter, tied for the highest 1Q rate since 2001.
The report found rent growth of over 4% in the first quarter, 2016, the second-highest first-quarter rate since the housing crisis. Rent growth has remained at 4.0% or above for seven straight quarters.
Axiometrics reports the national average rent was $1,248 for the first quarter of 2016, a $49 increase from the $1,199 average in the first quarter of 2015.
On the regional level, there were significant declines in the Bay Area, New York, Denver, and Houston.
In contrast, Sacramento, Orlando and Salt Lake City markets showed robust growth. In fact, Sacramento edged out Portland as the metro with the highest annual effective rent growth –10.68% — among Axiometrics’ top 50 markets.
Oakland fell to third place, followed by Seattle, Salt Lake City and Riverside. Of the top 25 markets, seven where in California, while five where in Florida.
Miami Beach saw the highest occupancy rate at 96.8%.
To see the full report, including detailed data on 25 metro markets, visit Axiometrics.
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Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.