Top U.S. Multifamily Rent Growth Markets — Q3 2021

Multifamily rent growth for the U.S. overall was up 7.9% year-over-year during the third quarter of 2021, according to Moody’s Analytics REIS, as Sun Belt markets continued to drive the recovery.
Two Arizona markets moved into the top spots during the third quarter. Phoenix took the top slot, with a 22.9% annual growth rate. Tucson, last quarter’s leader, slipped to the second spot, posting a 19.9% growth rate. Rental demand in these markets continues to benefit from surging home prices and rapid population growth.
Florida markets could once again be found up and down the list, including Tampa-St. Petersburg, Orlando, Palm Beach and Jacksonville. High Los Angeles rents continued to push up more affordable inland markets, including San Bernardino/Riverside and Ventura County.
Here’s a full look at the top U.S. multifamily rent growth markets for Q3 2021, with data provided by Moody’s Analytics REIS.
For more multifamily market insights, read our latest Small Multifamily Investment Report and check out our other multifamily research.