Rent growth remained just below one percent, with significant regional variations
SANTA BARBARA, Calif., Dec. 11, 2024 – Advertised asking rents continued to decrease for the U.S. multifamily market in November, down $5 to $1,744, according to the latest Yardi® Matrix Multifamily Report.
Year-over-year rent growth was consistent with the levels recorded throughout the year at just under one percent, down 10 basis points to 0.9 percent. Performance remained mixed by region, with 16 of Yardi Matrix’s top 30 metros posting positive rent movement and 14 marking asking rent contractions.
The national occupancy rate in October was unchanged year-over-year, at 94.7 percent. Significant growth in occupancy was reported in Las Vegas (1.0 percent) and Portland, OR and Detroit (both 0.6 percent).
The performance of the single-family rental market remained sluggish. SFR advertised asking rents fell $7 in November to $2,150, for a modest 0.3 percent year-over-year increase. SFR occupancy fell 40 basis points year-over-year through October to 95.1 percent.
Gain more insight in the new Yardi Matrix National Multifamily Report.
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