Multifamily rent growth remained positive in October, a new report from YardiMatrix said.
Multifamily rent increased by just $1, to $1,476. Year over year rent growth remained at 3.2%.
Of the 30 major markets covered in the report, 17 saw year-over-year rent growth of at least 3.3%. San Jose and Houston remained below the 2.5% long-term average.
Although the multifamily market boasts positive results, three states had bills passed to limit rent growth.
Rent control affects the multifamily sector because it puts a chill on development during a period of low housing stock, YardiMatrix said.
Although rent has topped historical growth levels, occupancy rates still remain strong.
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.