Apartment rents, on average, rose by $4 in March to $1,371, according to data recently released in a report by Yardi® Matrix. The increase is a 2.5 percent rise year-over-year.
“It is encouraging to see rents growing at a time when the overall trend is toward deceleration,” the report states. “Rents had not moved more than $1 in either direction since last July.”
The areas that grew the most in March were Orlando, Fla. (7 percent); Las Vegas, Nev. (5.2 percent); California’s Inland Empire (4.4 percent); and Phoenix, Ariz. (4.3 percent). They “are experiencing healthy demand due to strong late-stage economies and affordable housing costs,” the report states.
For more information, please visit www.yardi.com.
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