We are so proud to be servicing such a successful and growing market for mutlifamily properties!
Sacramento continues to be among the top performing metropolitan regions in the nation, according to a recent rent survey conducted by Yardi Matrix. The average rent for all classes of multifamily properties in the Sacramento region rose more than 12% over the past year, second only to Portland, Oregon. The national average was 6.0%.
Although multifamily rent growth may moderate this year, but it is not happening yet. Yardi Matrix reported that Sacramento rent rose 1.9% over the past three months, and rent growth for 2016 is forecast to be 8.8%. Only San Francisco has a higher rent growth forecast of 10.5% for the year.
Rent increases are tied to job growth, but a shortage of housing is another key factor. The supply of multifamily housing continues to lag in the Sacramento market. The region ranks dead last among the 30 markets surveyed for completions as a percentage of total multlifamily housing stock.
For more information on the Sacramento regional market and other markets nationwide, view the Yardi Matrix website at www.YardiMatrix.com.