Apartment rent growth kept the momentum going in March, coming in at 5% nationally, according to monthly data from Dallas-based research firm Axiometrics.
This is the second straight month with gains of 5% or more. The last time rent growth was above 5% was in 2011, according to a news release. California markets showed the strongest growth numbers with four of the top 10 markets: Oakland, San Jose, San Francisco and Sacramento.
Nationally, revenue growth was also up to 5.32% compared to 3.42% at the same time last year. Meanwhile, the average American renter paid $1,187 a month for rent–a $57 gain year over year.
The growth is carrying on the momentum set from 2014, says Stephanie McCleskey, Axiometrics vice president of research. “Rent growth in March reflected the strong job gains of January and February,” she said in a news release. “Looking forward, we will be interested to see if the poor March jobs report affects the apartment market in the second quarter.”
Top 10 Rent Growth Markets of March 2015
1. Oakland, Calif., 15.33%
2. San Jose, Calif., 11.97%
3. Denver, Colo., 11.47%
4. San Francisco, Calif., 11.12%
5. Portland, Ore., 9.34%
6. Sacramento, Calif., 8.59%
7. Seattle, Wash., 7.91%
8. West Palm Beach, Fla., 7.90%
9. Atlanta, Ga., 6.93%
10. Fort Worth, Texas, 6.84%