Once again Sacramento rent growth leads nation at 11.1%
Yardi published a September Rent Survey for multis and Sacramento leads year-over-year rental growth with 11.1%, followed by the Inland Empire and Seattle (both at 9.0%).
While rent growth keeps decreasing, multifamily fundamentals remain strong. Occupancy has remained unchanged since May and is staying near historic highs. The employment sector, while not as robust as it once was, has been creating jobs at a steady pace. Demand for multifamily housing is forecast to remain high, as Millennial household formation continues and Boomers seek to downsize and re-enter the rental market. Despite the deceleration trends, 26 of Yardi Matrix’s top 30 markets experienced year-over-year rent growth of 3% or better in September.