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New York

Multifamily rent growth slips to a 6-month low

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Multifamily housing rents may be up but their rate of increase has slowed significantly. The 1.5 percent growth in May was the lowest year-over-year increase in rent growth since 2011, according to Yardi Matrix’s monthly survey of 121 markets. An increased supply along with a decrease in available financing is thought to be main reason for the drop. “Projects intended to be started are being delayed, primarily in larger gateway cities like Houston, Chicago and Los Angeles,” Yardi’s Doug Ressler said. However, overall the multifamily rental market remains a good bet for investors, especially considering that 70 million young people are expected to hit “prime renting age” by 2024. Investors can expect a solid seven-year growth in the market leading up to that, Yardi claims. [Bisnow]