Multifamily asking rents rose for the second straight month in April, according to the new National Multifamily Report from Yardi Matrix.
Despite economic headwinds, the market continues to demonstrate resilience. The average U.S. asking rent rose $5 in April to $1,709, while year-over-year growth decelerated to 3.2%, down 80 basis points from March.
Solid demand has kept rents rising, but at a slower rate than previous years. Demand is buoyed by a tight job market and healthy household budgets, although economists are scrutinizing how much longer those conditions will persist. A recession is still forecast for later this year.
“Rent growth is broadly positive nationally, but regional differences are emerging. High-demand Sun Belt metros are feeling the impact of reduced affordability and robust deliveries, while primary metros have less supply growth and some benefit from rebounding immigration,” states the new report.
Multifamily rent gains remain positive year-over-year everywhere but Phoenix and Las Vegas, but the top-performing markets are different each month. In April, Indianapolis (7.7%) and Kansas City (6.4%) led the top 30 Matrix metros in rent growth, while primary metros New York, Boston and Chicago round out the top five.
Single-family unit rents also hit a new all-time high in April, averaging $2,089, but year-over-year rates once again decelerated, dropping 60 basis points to 2.3%. Occupancy rates decreased in March to 95.5% but have stabilized after peaking at 97% in 2021.
Download the April 2023 National Multifamily Report from Yardi Matrix.
Related Stories
Multifamily Housing | May 10, 2022
Multifamily rents up 14.3% in 2022
The average U.S. asking rent for multifamily housing increased $15 in April to an all-time high of $1,659, according to Yardi Matrix.
Sponsored | Multifamily Housing | May 8, 2022
Choosing the right paver system for rooftop amenity spaces
This AIA course by Hoffmann Architects offers best practices for choosing the right paver system for rooftop amenity spaces in multifamily buildings.
Building Team | May 6, 2022
Atlanta’s largest adaptive reuse project features cross laminated timber
Global real estate investment and management firm Jamestown recently started construction on more than 700,000 sf of new live, work, and shop space at Ponce City Market.
Multifamily Housing | May 5, 2022
An Austin firm touts design and communal spaces in its student housing projects
Rhode Partners has multiple towers in various development stages.
Sponsored | BD+C University Course | May 3, 2022
For glass openings, how big is too big?
Advances in glazing materials and glass building systems offer a seemingly unlimited horizon for not only glass performance, but also for the size and extent of these light, transparent forms. Both for enclosures and for indoor environments, novel products and assemblies allow for more glass and less opaque structure—often in places that previously limited their use.
Multifamily Housing | May 3, 2022
Call for Kitchen+Bath projects and products – for next issue of "MULTIFAMILY Design+Construction" (no charge to participate!)
Multifamily AEC firms and developers and product manufacturers can submit Kitchen+Bath projects and products – for the next issue of "MULTIFAMILY Design+Construction."
Multifamily Housing | May 1, 2022
Kraus-Anderson helps fill void in tight Twin Cities housing market
One project just came online, and another apartment building should be completed this summer.
Multifamily Housing | Apr 26, 2022
Fitness centers for multifamily housing: Advice from 'Dr. Fitness,' Karl Smith
In this episode for HorizonTV, Cortland's Karl Smith shares best practices for designing, siting, and operating fitness centers in apartment communities.
Multifamily Housing | Apr 26, 2022
Investment firm Blackstone makes $13 billion acquisition in student-housing sector
Blackstone Inc., a New York-based investment firm, has agreed to buy student-housing owner American Campus Communities Inc.
Mixed-Use | Apr 22, 2022
San Francisco replaces a waterfront parking lot with a new neighborhood
A parking lot on San Francisco’s waterfront is transforming into Mission Rock—a new neighborhood featuring rental units, offices, parks, open spaces, retail, and parking.
