Multifamily Sector Posts Another Strong Quarter

On top of the gains made in Q1, multifamily occupancy levels and effective rent growth continued to make strides in Q2, according to Axiometrics. Occupancy approached levels not seen since Q1 2001, while rent growth achieved its highest growth since Q3 2000.

Axiometrics explained that demographics, along with the increasing choice to rent rather than own, continues to favor apartment fundamentals. The Census Bureau reported the national homeownership rate as of Q1 was 64.8%, which is the lowest since Q2 1995.

The top 10 cities for rent growth in Q2 were:

1. Oakland-Fremont-Hayward, CA: 4.6%
2. Denver, CO and Boston, MA (tie): 4.3% each
4. Seattle, WA: 4.0%
5. Sacramento, CA: 3.9%
6. San Francisco, CA and Chicago, IL (tie): 3.5% each
8. Atlanta, GA: 3.2%
9. Portland, OR: 3.1%
10. Nashville, TN: 2.9%

Read more at GlobeSt.com