Average Rents Increase Month Over Month
Digested from "Matrix Monthly Reports National Rental Upswing in April"
Business Wire (4/28/15)
Yardi Systems' April 2015 Matrix Monthly noted a 0.7 percent increase from March in the average multifamily monthly rent to $1,105 - just a few dollars shy of February's all-time high of $1,108.
The report notes that rents have increased 4.3 percent nationally year over year. Western metro areas were primary drivers of this increase, with markets such as San Francisco, Portland, Oregon, and Denver all experiencing annual growth of more than 10 percent. The Southeast also saw considerable growth, with four markets (Jacksonville, Mississippi; Atlanta; Orlando, Florida, and Miami) reporting growth of more than 6 percent year over year.
By contrast, many East Coast metros, such as Baltimore, Washington D.C., Boston and Philadelphia, fell below the national average. These are expected to remain low through the end of 2015 as job growth remains on par with or lower than supply growth.