Moderate Rent Growth Marked the Third Quarter

October 13, 2017

Effective rent growth was moderate again in the national apartment market during the third quarter of 2017, with annual growth registering 2.9%. Average monthly rent is now $1,335. Effective rent growth has been holding between 2.5% and 3% this year. Among the larger metros, relatively high apartment occupancy underpinned healthy rent growth in the Sacramento and Seattle-Tacoma metropolitan areas. With limited inventory growth and rising occupancy, Sacramento average rent advanced 7.0% year over year to $1,466 per month in the third quarter. In Seattle-Tacoma, average rent advanced 5.9% amid significant multifamily inventory growth and rising employment.

Apartment occupancy was high in key Midwest and Southern California markets with Minneapolis-St. Paul (97.7%), Los Angeles South (96.9%), and Milwaukee (96.7%) areas leading the nation. Even with the effects of Hurricane Irma, the Miami-Fort Lauderdale metropolitan area was a top spot for apartment inventory expansion with 13,640 units coming online during the last year. Apartment development was also substantial during the previous four quarters in Atlanta with 13,437 deliveries and Washington, D.C., with 12,335 additions.

Albuquerque
Atlanta
Austin
Baltimore
Baton Rouge
Birmingham
Charleston
Charlotte
Chattanooga
Chicago
Cincinnati
Cleveland
Colorado Springs
Columbus
Dallas-Ft. Worth
Denver
Des Moines
Detroit
El Paso
Greenville, SC
Houston
Indianapolis
Inland Empire
Jacksonville
Kansas City
Knoxville
Las Vegas
Lexington
Los Angeles County
Los Angeles North
Los Angeles South
Los Angeles West
Louisville
Memphis
Milwaukee
Minneapolis-St. Paul
Nashville
New Orleans
Omaha
Orange County, CA
Orlando
Philadelphia
Phoenix
Portland
Richmond
Sacramento
Salt Lake City
San Antonio
San Diego
Seattle-Tacoma
South Florida
St. Louis
Tampa-St. Petersburg
Tucson
Tulsa
Ventura County
Virginia Beach
Washington, D.C.

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