Asking Rent Growth Picks Up

According to Yardi Matrix

By Yardi Blog Staff on Aug 1, 2024 in Matrix

Consistent economic growth and demographic trends sustained multifamily demand at the start of the third quarter, according to the latest Yardi Matrix National Multifamily Report.

The average U.S. publicly advertised rent or “asking rent” rose 0.8 percent year-over-year (YoY) through July, or $4 to $1,743. The national occupancy rate in June remained at 94.6 percent for the seventh straight month, down 0.4 percent YoY.

Gateway metros in the East and secondary markets in the Midwest continued to lead rent growth YoY, with the strongest performance registered in New York City (5.2 percent), Washington, D.C. (4.0 percent) and Kansas City (3.4 percent). Rent growth remained negative in several Sun Belt metros, led by Austin (-5.7 percent), Atlanta (-3.3 percent) and Raleigh (-2.8 percent).

The single-family rental market continued to exhibit strength, with advertised asking rents up $5 in July to $2,171, up one percent YoY. Demand is sustained by high cost of homeownership and the lack of available homes for sale.

Gain more insight in the new Yardi Matrix National Multifamily Report.

Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, affordable housing, student housing, vacant land, industrial, office, retail and self storage property types. Email [email protected], call 480-663-1149 or visit yardimatrix.com to learn more.