Rental Trends – November 2012

The U.S. multifamily market’s average national rent (for markets covered by RealFacts) continued its upward momentum, reaching a new all-time high of $1,042 per month in the third quarter of 2012, an increase of 4.8% from a year ago. The new peak also represents an increase of 1.3% from the previous quarter, with all three quarters of 2012 averaging monthly rents over $1,000. Given the lingering effects of the recent housing market crisis which continues to push former homeowners into the rental market and more Millennials entering the market, demand fundamentals should continue to be strong for rental units, keeping rents growing in the near term.