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May experienced the slowest multifamily rental growth in the past three years across the U.S., according to new data from Yardi Matrix, rising 0.3% since April and 1.5% year-over-year.
Of the 10 priciest U.S. apartment markets, which include nearby Manhattan and Brooklyn, Jersey City saw the largest year-over-year growth, at 1.7%. Rental rates now average $2,794 a month, edging Brooklyn by $76.
According to Yardi Matrix senior analyst Doug Ressler, these cities are beginning to feel the true impact of the apartment construction boom that has taken place over the past seven years, and he expects construction to edge down rents even more.
It is not only the pricey markets feeling the pain, but more affordable areas like Oklahoma City and Tulsa, Oklahoma (with respective 2.9% and 2.8% drops year-over-year), and Corpus Christi, Texas (a 1.5% drop).
Will Jersey City continue its run? According to Jersey Digs, as of March 28, the city has more than 37,000 units planned and over 9,000 under construction.
Across the U.S., rents for studio apartments grew the most, at 2.4% year-over-year, followed by one-bedroom units (2.2%) and two- and three-bedroom units (both 1.9%).
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