Following six consecutive months of gains, national advertised asking rents slide
SANTA BARBARA, Calif., Sept. 5, 2024 – The slowing economy, seasonality and high volumes of deliveries dampened advertised asking rent growth in August, according to the latest Yardi® Matrix National Multifamily Report.
Following six months of steady growth, the average U.S. advertised asking rent fell $1 in August to $1,741, with the year-over-year (YoY) growth rate unchanged at 0.8 percent. Occupancy remained flat at 94.7 percent in July, down 0.3 percent YoY.
Gateway markets in the East and secondary markets in the Midwest remained leaders in rent growth, led by New York City (4.8 percent YoY), Kansas City (4.1 percent) and Washington, D.C. (3.4 percent). Rent declines were highest in Austin (-5.5 percent), Raleigh (-3.4 percent) and Phoenix (-2.9 percent).
Single family rental (SFR) advertised asking rents fell $7 in August to $2,164, while YoY gains dropped 40 basis points to 0.7 percent. Overall, SFR advertised asking rents gained $14 year-to-date and $513, or 31 percent, since March 2020.
Gain more insight in the new Yardi Matrix National Multifamily Report.
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