April Year-Over-Year Rent Increases Highest Since Before COVID
According to Yardi Matrix, April's year-over-year rent increases nationwide were the best since the pandemic began. According to the report the Triad's year-over-year rent growth in April came in at 7.3%, compared to 2.4% in Raleigh and 4.2% in Charlotte. From the April report:
- Multifamily rents increased by 1.6% on a year-over-year basis in April, the largest increase that we have seen since the beginning of the pandemic.
- Overall rents increased by $10 in April to $1,417. The last time overall rents increased by that amount in a month was June 2015. Out of our top 30 markets, 24 had month-over-month rent growth greater than 0.5%. Gateway markets continued their path to recovery this month, with all gateway markets showing positive MoM gains in April.
- Only six markets out of our top 30 had negative year-over-year rent growth this month. One of the six, Austin (-0.1%), is poised to turn positive next month, given the strong MoM gains. The other five markets had solid MoM gains, as well, but are a little further behind in their rebound.