Although multifamily rents nationwide increased in May for the third month in a row, Yardi Matrix is continuing to chart a deceleration in the growth rate. Average US monthly rents rose $4 to $1,316, according to Yardi Matrix’s monthly survey of 121 markets.

On a year-over-year basis, rents were up 1.5% nationwide in May. The Y-O-Y growth rate was down 40 basis points from April, 90 bps from March and well below the 5.3% growth rate of a year ago. “Deceleration is more than firmly established, as the Y-O-Y growth rate has decreased for 13 straight months since reaching 5.4% in April 2016,” according to the Yardi Matrix report. The last time the Y-O-Y was as low as 1.5% was in April 2011.

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