Multifamily rent growth slips to a 6-month low

TRD New York /
Jun.June 09, 2017 06:35 PM

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]

Related Articles

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

CoStar reaches $11M settlement in copyright infringement suit against Xceligent

620 Sixth Avenue and RXR Realty's Scott Rechler (Credit: Getty Images, RXR Realty)

RXR gets $400M+ from Goldman Sachs to refi Sixth Avenue building

A New York court’s greenlight of a class action against Big City Realty could change the dynamic of class action suits. (Credit: iStock)

“Nightmare” for landlords: Court OK’s class action against Harlem owner

WeWork founder scrambled for $100M loan before $1.7B bailout

The Daily Digest - Tuesday

WeWork’s cash flow troubles, selling NYCHA’s air rights and more: Daily digest