Apartment Rent Growth Hits 2014 Peak in November
Digested from “Apartment Rent Growth Continues Climb, Reaches 4.7% in November”
National annual effective rent growth rose to 4.7 percent in November—its highest level in 2014 and its highest level overall since August 2011. Year-to-date effective rent growth is primed for its best year since 2010, thanks to the improving job market and increased interest in renting versus owning.
The national occupancy rate also remained strong for the seventh straight month during a season in which downturns are expected, with the November numbers the highest they've been since Axiometrics began tracking monthly metrics in 2008.
Top major markets include Oakland, California; San Jose, California; Denver; San Francisco; West Palm Beach, Florida; Sacramento, California; Atlanta; Portland, Oregon; Hartford, Connecticut; and Fort Lauderdale, Florida.
Other strong performers include Cape Coral, Florida; Stockton, California; Honolulu; Santa Rosa, California; and Palm Bay, Florida.