Average U.S. monthly apartment rents held steady in February at $1,306, unchanged from the previous month, according to data compiled in the most recent survey of 124 markets by Yardi® Matrix.
While year-over-year rents in metros such as Sacramento and the Inland Empire in California rose during the month, most of the largest U.S. metros are reverting to flat or modest growth.
Such deceleration “is not unexpected or a sign of long-term weakness in the sector,” the report says, noting that household formation and occupancy rates are expected to remain robust in 2017. Looking ahead, the major unknown is how the economy will perform for the remainder of the year.
Joining Sacramento and the Inland Empire as year-over-year rent growth leaders in February were Seattle, Phoenix and Los Angeles.
View the full February report for additional detail from 124 major real estate markets.