Echoing Fannie Mae’s mid-year economic outlook asserting that rapid rent growth has helped to boost the multifamily sector in 2021, Wealth Management Real Estate recently highlighted the Top 25 markets forecasted for multifamily rent growth this year, with the top 10 markets all at more than 10% in rent growth.
Based on Yardi Matrix data, the analysis found that on a national basis, multifamily asking rents grew by 8.3% year-over-year in July 2021, which marks a record pace. And each month in that period, asking rents have increased nearly 2%.
Geographic areas which are forecasted to see the sharpest increases include the Southeast (i.e. Atlanta, Raleigh, Miami) and the Southwest (i.e. Austin, Houston, San Antonio, Denver). Some of the country’s largest and popular gateway cities – mid-sized urban centers - are also seeing marked increases, such as Philadelphia, Seattle, Washington DC, and Chicago.
Visit Wealth Management Real Estate to see which cities made the list, and which city marked year-over-year rent growth of 18.9%. Spoiler alert: New York City isn’t on the list.
Click here to see the list.