The multifamily market continued to defy expectations in February as rent growth soared to a new peak of 15.4%, according to the Yardi Matrix Multifamily National Report.
Multifamily asking rents increased $10 last month to a national average of $1,628, up 15.4% from a year ago. Single-family rentals also exceeded past performances, with SFR asking rents climbing by 14.9% year over year.
“Fundamentals continue to be healthy in the single-family rental sector, prompting asking rents to soar on par with multifamily,” Yardi wrote in the report. “Rapidly rising house prices and growing competition from institutional investors have put homeownership out of reach for some potential buyers, while the increasing preference for suburban housing has added to the demand for single-family rentals.”