IE Business Daily Business news for the Inland Empire.
Multifamily rents in the United States rose 2.7 percent in February.
Nationwide, the average multifamily rent last month was $1,364, according to a recent report by Santa Barbara-based Yardi Matrix.
The report, based on data taken from 121 markets, called the increase “not surprising … since it is very close to the long-term average” for the second month of the year.
Demand for apartment space could rise this year because of the new federal tax law, which eliminates some of the traditional benefits of homeownership. If that happens, rents will grow in the spring as they normally do, according to the report.
Multifamily rents in the Inland Empire rose 4.4 percent in February, making it one of five leaders in rent growth nationwide, the report stated.
