Apartment Rents Notch Up in Some High Supply Sunbelt Markets
Austin, Raleigh and Nashville all recorded increases in May.
After several months of rent declines, some high supply markets – namely Austin, Raleigh-Durham and Nashville – recorded increases in May, fueled by strong absorption, according to Yardi Matrix. Austin, which was -5.8% year-over-year in May, posted month-over-month gains of 0.5% in the luxury segment, which Yardi calls the Lifestyle sector and 0.4% in its renter-by-necessity category. Raleigh-Durham, which was -2.4% year-over-year, posted 0.9% growth in Lifestyle and 0.7% growth in RBN. Nashville, -1.7% year-over-year, posted a 0.6% increase in Lifestyle and a 0.4% increase in RBN.
In general US rents rose 0.3% month-over-month in May, with 26 metros posting modest gains, it reported. Rents rose 0.3% month-over-month in the RBN segment and 0.4% in the Lifestyle segment
Overall, monthly rent gains were led by Denver and New York (both 0.9%), and Raleigh (0.8%). The few markets that posted modest declines include Phoenix, the Twin Cities and Charlotte (all down 0.1%). Rent growth was positive in the majority of top 30 metros in both Lifestyle and RBN. New York and Las Vegas recorded the largest increases in Lifestyle (both 1.0%), while Denver (0.9%) and Washington, D.C. (0.8%) led in RBN. Detroit rose 0.9% in Lifestyle and 0.7% in RBN.
This article was originally published by a www.globest.com
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