Source: Report: Expect 4.6% Multifamily Rent Growth For 2016 – Multifamily
Yardi Matrix expects 2015’s hot markets to lead a 4.6% jump in apartment rent growth in 2016—down from 6.5% last year, but still killing the 2.8% eight-year average. Denver will lead the charge with a whopping 11.2% rent jump, followed by S.F. (11%) and Portland (9.2%). The Yardi Matrix report says these cities “are home to intellectual hubs led by technology firms” along with a Millennial-friendly lifestyle, CoStar reports. Sacramento and Millennial favorite Austin, TX, fill out the top five in rent growth. Richmond and Twin Cities rents are looking more or less flat; they’re in the bottom three of the top 30 with DC—a 3.7% supply jump in the nation’s capital will slow rents to .8% growth. [GlobeSt]