As has been the trend for months, multifamily rents continued to set new records in October, reaching a new nationwide average high of $1,572 a month, according to the most recent report from real estate data firm Yardi Matrix. That figure marked a 13.7 percent increase compared to October 2020. The increase in rents coincided with an increase in occupancy at stabilized multifamily properties to a record-setting 96.1 percent.
But which markets have seen the biggest increases in multifamily rents compared to last year? In many cases, the answer is surprising. Yardi Matrix researchers looked at the 19 markets with the most outsized rent growth, breaking down the figures by the type of renter, including lifestyle renters and renters by necessity.