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 | Jan 7, 2019
364-unit multifamily development planned near Lake Lewisville in Texas
BGO Architects is designing the project.
Multifamily Housing | Dec 18, 2018
Redesigning the intergenerational village: Innovative solutions for communities and homes of the future
Social sustainability has become a central concern in terms of its effect that spans generations.
Multifamily Housing | Dec 11, 2018
62-story luxury rental tower provides 40,000 sf of indoor and outdoor amenities in Manhattan
CetraRuddy designed the building.
Multifamily Housing | Dec 6, 2018
JCJ Architecture to design new housing facility for Barrier Free Living
The non-profit’s new facility will provide housing and support services for survivors of domestic violence with disabilities.
Sponsored | Multifamily Housing | Dec 5, 2018
Apartment community connects friends and neighbors through indoor-outdoor amenities
Hubbard Place is a 44-story, 450-unit apartment community in Chicago’s River North neighborhood, an established tech hub in the downtown area. The building has an entire floor dedicated to communal and entertainment amenities.
Reconstruction Awards | Nov 26, 2018
Yarn works: Neverending yarn
111-year-old mill becomes a mixed-income multifamily community.
Multifamily Housing | Nov 20, 2018
Designs unveiled for new residential tower in Honolulu
Studio Gang pays homage to sugarcane plants that were once prevalent in this area.
Multifamily Housing | Nov 14, 2018
BIG’s ‘wooden hillside’ residential building in Stockholm officially opens
The building spans 270,000 sf.
Market Data | Nov 14, 2018
A new Joint Center report finds aging Americans less prepared to afford housing
The study foresees a significant segment of seniors struggling to buy or rent on their own or with other people.