Multifamily housing asking rents remained the same for a second straight month in February 2023, at a national average rate of $1,702, according to the new National Multifamily Report from Yardi Matrix.
As the economy continues to adjust in the post-pandemic period, year-over-year growth continued its ongoing decline. It is now 4.8 percent nationally, down 70 basis points from the previous month and its lowest level in nearly two years.
Asking rent growth remains positive year-over-year in almost every major metro, but 23 of Matrix’s top 30 metros recorded negative growth over the last three months and 17 were negative in February.
“Multifamily rents are playing a waiting game, as rents have essentially leveled over the seasonal winter slowdown,” state Matrix analysts, noting that February has historically recorded minor rent growth gains. “The big question is whether demand and rents pick up as normal in the spring. Demand has come down from 2021 levels, though it remains positive in most markets.”
Average U.S. asking rents in the single-family rental market were also flat at $2,071. The year-over-year increase fell by 80 basis points to 3.4 percent, far below the 14.8 percent growth rate a year ago.
“Near-term performance will hinge not only on demand-supply dynamics at the local level but affordability and the economy,” the report states.
Download the February 2023 National Multifamily Report.
Related Stories
Multifamily Housing | Jul 11, 2021
New fixed-wood closet system for multifamily developments introduced
VUE is a new high-quality, economical fixed-wood shelving system from Organized Living.
Multifamily Housing | Jul 11, 2021
Aluminum railing systems offer ‘versatile styling, easy installation’
Trex Aluminum railing systems offer ‘versatile styling, easy installation,' says the manufacturer.
Daylighting Designs | Jul 9, 2021
New daylighting diffusers come in three shape options
Solatube introduces its newest technology innovation to its commercial product line, the OptiView Shaping Diffusers.
Multifamily Housing | Jul 8, 2021
As homelessness becomes more visible, building shelters presents opportunities to AEC firms
C.W. Driver Companies and XL Construction have just completed transitional housing projects in California.
Multifamily Housing | Jul 7, 2021
Make sure to get your multifamily amenities mix right
One of the hardest decisions multifamily developers and their design teams have to make is what mix of amenities they’re going to put into each project. A lot of squiggly factors go into that decision: the type of community, the geographic market, local recreation preferences, climate/weather conditions, physical parameters, and of course the budget. The permutations are mind-boggling.
Multifamily Housing | Jun 30, 2021
A post-pandemic ‘new normal’ for apartment buildings
Grimm + Parker’s vision foresees buildings with rentable offices and refrigerated package storage.
Resiliency | Jun 24, 2021
Oceanographer John Englander talks resiliency and buildings [new on HorizonTV]
New on HorizonTV, oceanographer John Englander discusses his latest book, which warns that, regardless of resilience efforts, sea levels will rise by meters in the coming decades. Adaptation, he says, is the key to future building design and construction.
Multifamily Housing | Jun 23, 2021
COVID-19’s impact on multifamily amenities
Multifamily project teams had to scramble to accommodate the overwhelming demand for work-from-home spaces for adults and study spaces for children.
Multifamily Housing | Jun 22, 2021
New apartment community breaks ground in Bethesda
KTGY is designing the project.
Multifamily Housing | Jun 14, 2021
Baccarat Residences Brickell set to rise in Miami
Arquitectonica is designing the project.