Sky-high: apartment rents becoming unattainable for many

​​SANTA BARBARA – According to Yardi Matrix’s commercial real estate data, nine of 30 U.S. markets have experienced double-digit growth in year-over-year multifamily rent.

Of Texas’ major metros, Austin​​ had the highest apartment rent increase at 8.9 percent. Dallas and Houston’s apartment rents grew 7.3 and 4.7 percent, respectively. 

Non-leased apartment​ asking rent grew 6.3 percent from June 2020 to June 2021. The national average apartment rent in June was a record $1,482.

Single-family rental units grew the fastest at 11.1 percent year-over-year growth. 

Read the Texas Real Estate Research Center’s latest Texas Quarterly Apartment Report for more.

​Source: Houston Business Journal