The United States continues to revitalize itself leading into July of 2021. Vaccine rates are rising, an increasing number of states are beginning to re-open, and multifamily rent is following the trend as well with an average increase in rent growth in multiple markets. According to the May 2021 Yardi Matrix Multifamily Report, national rents have increased by 2.5% year-over-year in May 2021; a number that mirrors pre-pandemic rent growth rates from March of 2020. These are excellent indicators the market is in recovery and multifamily investing remains strong and stable.
Furthermore, with 2.5% being the average, there are several key markets exceeding this number even more with double-digit percentages in growth. While there are some investors that chose to invest in their own “backyard,” there is validity to expanding your portfolio out-of-state, as key markets pose better opportunities for higher ROI’s.
Below are the 10 markets with the highest annual rent growth as of May 2021:
The 10 Markets with Annual Double-Digit Rent Growth:
10. Greensboro / Winston-Salem, NC
- May 2020 – May 2021 Rent Growth: 10.1%
- Median Household Income: $42,219
- Average Current Rent (1BR): $1,000
- Renter Occupied Households: 42%
9. Salt Lake City, UT
- May 2020 – May 2021 Rent Growth: 10.2%
- Median Household Income: $45,833
- Average Current Rent (1BR): $1,289
- Renter Occupied Households: 49%
8. West Palm Beach, FL
- May 2020 – May 2021 Rent Growth: 11.5%
- Median Household Income: $45,027
- Average Current Rent (1BR): $1,656
- Renter Occupied Households: 46%
7. Atlanta, GA
- May 2020 – May 2021 Rent Growth: 11.7%
- Median Household Income: $46,439
- Average Current Rent (1BR): $1,559
- Renter Occupied Households: 57%
6. Jacksonville, FL
- May 2020 – May 2021 Rent Growth: 12.1%
- Median Household Income: $46,768
- Average Current Rent (1BR): $1,196
- Renter Occupied Households: 37%
5. Tampa, FL
- May 2020 – May 2021 Rent Growth: 12.3%
- Median Household Income: $43,740
- Average Current Rent (1BR): $1,451
- Renter Occupied Households: 44%
4. Sacramento, CA
- May 2020 – May 2021 Rent Growth: 13.1%
- Median Household Income: $50,013
- Average Current Rent (1BR): $1,584
- Renter Occupied Households: 40%
3. Las Vegas, NV
- May 2020 – May 2021 Rent Growth: 13.6%
- Median Household Income: $50,903
- Average Current Rent (1BR): $1,196
- Renter Occupied Households: 37%
2. Riverside/ San Bernardino, CA
- May 2020 – May 2021 Rent Growth: 14.8%
- Median Household Income: $56,089
- Average Current Rent (1BR): $1,735
- Renter Occupied Households: 27%
1. Phoenix, AZ
- May 2020 – May 2021 Rent Growth: 15.7%
- Median Household Income: $46,881
- Average Current Rent (1BR): $1,252
- Renter Occupied Households: 36%
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About Ellie Perlman
Ellie Perlman is the founder and CEO of Blue Lake Capital, a woman owned multifamily real estate investment firm focused on partnering with family offices and accredited investors to build and preserve generational wealth. Since its founding in 2017, Blue Lake has successfully acquired and operated multifamily assets across high-growth U.S. markets, completing $1B+ in transactions.
At Blue Lake Capital, Ellie and her team work exclusively with family offices and accredited investors, offering carefully curated investment opportunities that emphasize long-term wealth creation, stability, and risk-adjusted returns. A defining aspect of Blue Lake’s investment strategy is its integration of advanced AI-driven analytics and data science into the entire lifecycle of acquisitions and asset management. By leveraging cutting-edge technology, the firm executes data-driven forecasting on market trends, asset performance, and tenant behavior, ensuring strategic decision-making and optimized returns.
In addition to leading Blue Lake Capital, Ellie is the original founder and host of "REady2Scale - Real Estate Investing" podcast, which provides insights into multifamily real estate, alternative investments, and finance.
Ellie began her career as a commercial real estate attorney, structuring and negotiating complex transactions for one of Israel’s leading development firms. She later transitioned into property management, overseeing over $100M in assets for Israel’s largest energy company.
Ellie holds a Master’s in Law from Bar-Ilan University in Israel and an MBA from MIT Sloan School of Management.
You can learn more about Blue Lake Capital and Ellie Perlman at www.bluelake-capital.com.
At Blue Lake Capital, Ellie and her team work exclusively with family offices and accredited investors, offering carefully curated investment opportunities that emphasize long-term wealth creation, stability, and risk-adjusted returns. A defining aspect of Blue Lake’s investment strategy is its integration of advanced AI-driven analytics and data science into the entire lifecycle of acquisitions and asset management. By leveraging cutting-edge technology, the firm executes data-driven forecasting on market trends, asset performance, and tenant behavior, ensuring strategic decision-making and optimized returns.
In addition to leading Blue Lake Capital, Ellie is the original founder and host of "REady2Scale - Real Estate Investing" podcast, which provides insights into multifamily real estate, alternative investments, and finance.
Ellie began her career as a commercial real estate attorney, structuring and negotiating complex transactions for one of Israel’s leading development firms. She later transitioned into property management, overseeing over $100M in assets for Israel’s largest energy company.
Ellie holds a Master’s in Law from Bar-Ilan University in Israel and an MBA from MIT Sloan School of Management.
You can learn more about Blue Lake Capital and Ellie Perlman at www.bluelake-capital.com.
*The content provided on this website, including all downloadable resources, is for informational purposes only and should not be interpreted as financial advice. Furthermore, this material does not constitute an offer to sell or a solicitation of an offer to buy any securities.
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