Multifamily rents gain 3.2%

Occupancy has also been doing well

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.

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