U.S. rents up slightly in December
Average multifamily rent in the United States was $1,359 in December, the same as November but a year-over-year increase of 2.5 percent, according to data released this week.
Even though last year’s rental growth was the lowest since 2010, that growth is expected to continue this year because of strong demand for rental space, a robust job market and a solid economy, Yardi Matrix reported.
The Inland Empire was one of the five major markets to experience the strongest growth in multifamily rents in December, along with Sacramento, Las Vegas, Minneapolis-St. Paul, and Orlando, Fla.
Yardi Matrix is a commercial real estate data and research firm in Santa Barbara. Its December rental report was based on a survey of 121 major real estate markets, according to a statement.