Multifamily Rents Scored a Second All-Time High in April: $1,105

The latest YardiMatrix Monthly report  published by our colleagues at Pierce Eislen shows that after a slight decline in March, US multifamily rents resumed their upward trend in April. Nationally, the average rent reached $1,105, only $3 below the all-time high recorded earlier this year in February.

Matrix Rental Report for April

Top performing rental markets

On a national level, rents grew by 4.3% Y-o-Y, with the most notable increases concentrated in the Northwest and Southeast markets. As you can see in the table below, the top 5 performing markets are San Francisco, Portland, Denver, Jacksonville, and Seattle. In fact, as we showed in an earlier article, San Francisco rents are expected to increase by 9% in 2015, growth fueled particularly by Lifestyle renters.

year over year US rent growth

Boston and Washington DC move up in rental rankings

  • In the last 3 months, the list of metros with the highest rental increases has seen significant changes. Boston rose to 7th position (from 26th) and Washington DC to 10th spot (from 27th) as rents in these 2 cities went up by 1%.
  • On the other hand, apartments for rent in Las Vegas, Dallas, San Diego, and Chicago fell in the rankings, losing their spots in the top 10 most expensive rental markets.

What can you rent for $1,105/mo?

If you’d like to see what’s available to rent for the national average price – or, and why not, even less –  you can just head over to RENTCafé.com and browse through their extensive rental database.

Here are a few suggestions:

  • Jacksonville: you might want to take a look at Ryan Oaks, where rents range from $790 to $911.
ryan oaks units, Jacksonville
Photo courtesy of RENTCafe
Monticello Apartments, Seattle
Photo courtesy of RENTCafe
  •  Atlanta: Oak Knoll would be a good option, with rents ranging between $700 and $884.

Are you renting? If you are, how happy are you with the rental market in your city?


Roxana Baiceanu

Roxana Baiceanu

Roxana is an associate editor with Multi-Housing News and Commercial Property Executive. In the past, she also created content for PropertyShark and Point2Homes’ blog pages. She also has 5 years of experience as a marketing copywriter.

Leave a Reply