Yardi Matrix ranked the top five markets for multifamily rent growth, based on the percent change in rent growth.
These metros have two things in common: a solid job market and steady population growth.
No. 1 is Pensacola, Florida, with a whopping 9.1% change in rent from July 2018 to July 2019. According to Yardi Matrix, this metro has a healthy job sector, contributing to positive population growth. Developers are forecasted to complete more than 2,000 units this year. Rent increased to a record of $1,178 this July.
Wilmington, North Carolina came in No. 2, another metro with a strong job market and population growth. This metro climbed three spots, as it was ranked No. 5 in the first quarter report. Rent prices went up 8.1%.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.