IE Business Daily Business news for the Inland Empire.
Rental rates of multifamily properties throughout the United States were flat in September, the first such drop in nearly one year.
Average monthly rents last month were $1,219, a drop of $1 from August, according to Yardi Matrix, a commercial real estate research and data service that specializes in the apartment industry.
That was the first month-over-month drop of any kind in multifamily rents since last November, suggesting the demand for apartment space might be dropping slightly.
Year-over-year, the picture was more encouraging: nationwide rents were up 4.7 percent, according to Yardi Matrix, whose data is based on a survey of 23 submarkets.
Of the top 30 markets, 26 of them experienced year-over-year rent growth of 3 percent of better during September. That included the Inland Empire, where multifamily rents grew nine percent during that time, according to Yardi Matrix.
