Single family rentals continue to outperform; Sun Belt cities feel impact of supply increase
SANTA BARBARA, Calif., July 9, 2024 – The U.S. multifamily market remained healthy in June, despite above-trend expense growth and continued supply expansion in some metros, according to the latest Yardi® Matrix National Multifamily Report.
The average U.S. publicly advertised rent or “asking rent” rose 0.6 percent year-over-year (YoY) through June, or $4 to $1,739. During the first half of the year, asking rents rose 1.5 percent nationally and one percent during the second quarter. Meanwhile, the national occupancy rate remained at 94.5 percent in May, unchanged from April and down 0.5 percent YoY.
Rent growth remained highest in the Northeast and Midwest, led by New York City (4.8 percent YoY), Kansas City (3.4 percent) and Columbus (3.2 percent). Negative rent growth intensified in several Southern metros, including Austin (-6.5 percent), Atlanta (-3.6 percent) and Raleigh (-3.3 percent).
The single-family rental market posted the first decline in asking rents so far this year. Asking rents were down $3 in June to $2,166, for a 1.1 percent YoY increase. The occupancy rate remained flat at 95.4 percent in May.
Gain more insight in the new Yardi Matrix National Multifamily Report.
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