US Rents Remained Flat in February

Yardi Matrix, the commercial real estate data and research firm, is reporting that multifamily rents in February remained unchanged from January at an average of $1,702 US asking rent. Year-over-year growth, which continued its decline, is 4.8%, down 70 basis points from January and the lowest level in nearly two years.

While asking rent growth remained positive year-over-year in almost every metro area, 23 of Yardi Matrix’s top 30 metros recorded negative growth over the past last three months. Seventeen were negative in February.

In the single-family rental (SFR) sector, Yardi Matrix is reporting that in February, the average US asking rent increased $1.00 from January to $2071. Asking rates for SFR units fell by 80 basis points to 3.4%, far below the 174.9% growth rate a year ago.