Inland multifamily rents rise
Multifamily rents in the Inland Empire rose 3.8 percent year-over-year in January, one of the largest increases of any major U.S. submarket during that time.
Nationwide, rents rose only $1 during the first month of the year, to an average of $1,362 per month, according to Yardi Matrix, a commercial real estate data base in Santa Barbara.
Sacramento’s increase – 8.1 percent – was the largest increase of any submarket.
Las Vegas, 5.9 percent, Orlando, 5.6 percent and Tampa Fla., 4.2 percent, made up the rest of the five highest increases.
“Rent growth tends to be flat through the winter, so the next few months should provide a clue as to the type of growth we will see in 2018,” the report stated. “Warm-weather markets accounted for most of the rent growth leaders, while growth was flat in … high-supply markets.”