Top U.S. Multifamily Rent Growth Markets — Q1 2021
The U.S. multifamily market overall posted rent declines during the first quarter of 2021, as the economy continued to feel the effects of the COVID-19 pandemic. Nationally, effective rents declined at a 3.4% annual rate during the quarter, lower than the 2.7% fall measured during 2020. However, there were some bright spots.
San Bernardino/Riverside posted the highest rent growth in the country during the first quarter, climbing 3.3% year over year, and continues to be an option for Southern Californians looking for relative affordability. Other Southwestern markets with increased demand driven by relative affordability included Las Vegas (up 2.3%), Tucson (up 2.1%) and Phoenix (up 1.7%). Memphis was the nation’s top performer in 2020, and remained strong to start 2021, with a 2.7% year-over-year increase.
Here’s a look at the top U.S. multifamily rent growth markets for Q1 2021.