Moderate apartment rent growth continues amid economic uncertainty

The national average rent rose by $5 to $1,736 in April, showcasing ongoing moderate rent growth, according to Yardi Matrix’s latest National Multifamily Report, released on May 7. Year-over-year rent growth fell by 10 basis points during the same period, down to 0.9%.

Northeast and Midwest markets continue to record the strongest rent growth at the major metro level, with New York City well ahead of other markets at 5.8% rent growth YOY. Negative rent growth continues in Sun Belt markets, including Austin, Texas, at -5.6%; Denver at -3.9%; Phoenix at -3.1%; and Dallas and Orlando, Florida, tied at -2.1%.