IE Business Daily Business news for the Inland Empire.
U.S. monthly rents rose 2.4 percent in August year-over-year, to an average of $1,352, according to a report.
Gains in rent slowed somewhat during the summer, mostly because of a slowdown in multifamily construction, Yardi Matrix reported.
Yardi Matrix, which conducts research for the apartment industry, revised its prediction for new multifamily units in the United States to 300,000, down from its original prediction of 360,000. One reason for that is the Trump Administration’s tight immigration policies, which has led to a shortage of construction workers, the report stated.
Still, U.S. rental rates have gone up every month this year, as demand for multifamily space has remained consistently high.
Average rents in the Inland Empire rose 4.3 percent during the first eight months of this year, the third-largest rate of growth of any major metropolitan area during that time, according to the report.
