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
Codes and Standards | Jul 17, 2018
In many markets, green features are more of a requirement for apartment renters
Renters in many U.S. cities have come to expect green features in apartments that they rent, with an eye toward energy efficiency and healthy indoor air.
Multifamily Housing | Jul 13, 2018
Student housing vs. multifamily housing—what are the differences?
While student and multi-family housing share a common building form, it’s the student resident that drives the innovation of new spaces.
Multifamily Housing | Jul 11, 2018
Meet the ‘CoHaus’: N.Y. developer unveils large-scale flats concept for boomers, Gen Xers
With its new CoHaus development, Ward Capital Management is betting on baby boomers downsizing and Gen Xers upsizing.
Sponsored | Multifamily Housing | Jul 10, 2018
Renovated mixed-use development features more desirable rentals
Multifamily Housing | Jul 2, 2018
17-unit condominium will rise one block south of Sunset Boulevard in West Hollywood
SPF:architects is designing the building.
Multifamily Housing | Jun 27, 2018
To take on climate change, go passive
If you haven’t looked seriously at “passive house” design and construction, you should.
Market Data | Jun 19, 2018
America’s housing market still falls short of providing affordable shelter to many
The latest report from the Joint Center for Housing Studies laments the paucity of subsidies to relieve cost burdens of ownership and renting.
Multifamily Housing | Jun 13, 2018
Multifamily visionaries: KTGY’s extraordinary expectations
KTGY Architecture + Planning keeps pushing the boundaries of multifamily housing design in the U.S., Asia, and the Middle East.
| May 30, 2018
Accelerate Live! talk: An AEC giant’s roadmap for integrating design, manufacturing, and construction
In this 15-minute talk at BD+C’s Accelerate Live! conference (May 10, 2018, Chicago), Skender CEO Mark Skender and Chief Design Officer Tim Swanson present the construction giant’s vision for creating a manufacturing-minded, vertically-integrated design-manufacturing-build business model.
| May 30, 2018
Accelerate Live! talk: From micro schools to tiny houses: What’s driving the downsizing economy?
In this 15-minute talk at BD+C’s Accelerate Live! conference (May 10, 2018, Chicago), micro-buildings design expert Aeron Hodges, AIA, explores the key drivers of the micro-buildings movement, and how the trend is spreading into a wide variety of building typologies.
