Average U.S. monthly apartment rents rallied in January, rising by $5 for the first overall gain in five months. Rents finished the month at $1,315, according to data compiled in the most recent survey of 124 markets by Yardi Matrix.
Most of the nation’s rent gains were concentrated in high-population growth centers in the West and South, with Sacramento, Calif., Seattle, California’s Inland Empire, Phoenix and Nashville, Tenn., leading the way. Fourteen of the 15 metros that beat the national average in the survey of the top 30 markets are in these regions.
The strong start to the year “demonstrates the industry’s ongoing positive fundamental drivers, which aren’t expected to significantly change in 2017,” according to the report.
(Starting with the January survey, Yardi Matrix uses a revised methodology designed to produce more accurate averages on the national and metro levels. The overall rent and growth numbers changed correspondingly.)