The latest reporting by RealPage® and Axiometrics® shows multifamily rent growth through 3rd quarter 2017 remaining stable, despite earlier sluggishness. According to recent statistics, annual rent growth has been holding between 2.5 and 3 percent this year, after a pause likely caused by supply.
Typical monthly rent across the country’s 100 largest metros is now $1,316.
Sacramento remains the star among the country’s bigger metros with rent growth for new residents up 6.9 percent. Las Vegas is a close second, with 5.8 percent rent growth. Other above-average cities with rent growth between 4.3 and 4.8 percent include Orlando, Minneapolis, San Diego, Jacksonville, Phoenix and Seattle.
Previously strong rent-growth markets, including Atlanta, Dallas and Charlotte, have cooled slightly, with growth hampered by increasing supply. Overall rent growth in Atlanta has slowed to 3.5 percent.
Denver, Portland, New York, and Nashville already were seeing more modest growth as new supply entered the markets there last year.
Occupancy rates overall remain healthy, averaging just over 95%. While this still is considered a landlord’s market, most annual gains would have happened by now, and slowing is expected as the year comes to an end.
Minneapolis remains the tightest of the larger rental markets, with nearly 98% occupancy. Other cities showing low vacancy include Providence, Detroit, New York City, Newark, Boston, Milwaukee, San Francisco, Sacramento, San Diego, Los Angeles, and Oakland.
For more information on rental markets throughout the U.S., visit http://www.realpage.com
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Disclaimer: The information provided in this post is 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.