US apartment rents are continuing to rise. According to a new report from Yardi Matrix, apartment rents increased $2 in August, maintaining the yearlong growth of 3%. Now, rents across the US average $1,472.

Las Vegas, Phoenix, Boston, Sacramento, Calif., and Austin, Texas lead US rent growth in the month of August. Las Vegas and Phoenix both significantly exceeded the US average with rental growth of approximately 7%.

The favorable rent growth reinforces the strength of the apartment market, particularly as the cycle ages and concern of a recession rises, according to the report. In fact, the report says that the long-term trends for multifamily are more favorable than other asset classes.