Rent growth improves throughout country

Apartment rents improved nationwide in 2012.

The apartment rental situation improved throughout the country during 2012, with property management companies in some metro areas experiencing significant growth.

The total improvement for apartment rents rose 3 percent during the year compared to 2011, according to a report from MPF Research. The top growth market for the year was San Francisco, which jumped 8 percent compared to the previous year. There was also significant improvement from both San Jose and Oakland, as both cities rose more than 7 percent.

There was notable gains in multiple other markets, especially the Denver-Boulder metro area, which rose 5.9 percent, MultiFamily Executive explained, citing the report. Both Nashville and New York experienced gains of 5.1 percent each.

“It’s the strong fundamentals markets,” said Greg Willet, vice president of research and analysis for MPF, according to the news source. “They’re all getting solid employment growth.”

Despite the improvements in many areas, there were still some cities with issues. The Las Vegas market actually dropped more than 1.5 percent in 2012, the report explained. The Virginia Beach/Norfolk region experienced a gain of only 0.3 percent, while New Orleans and Riverside/San Bernadino only inched up 0.8 percent.

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