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
Market Data | Aug 19, 2019
Multifamily market sustains positive cycle
Year-over-year growth tops 3% for 13th month. Will the economy stifle momentum?
Giants 400 | Aug 15, 2019
Top 140 Multifamily Sector Architecture Firms for 2019
Humphreys & Partners, KTGY, SCB, CallisonRTKL, and Perkins Eastman top the rankings of the nation's largest multifamily sector architecture and architecture engineering (AE) firms, as reported in Building Design+Construction's 2019 Giants 300 Report.
Multifamily Housing | Aug 12, 2019
Multifamily Amenities 2019: Rethinking the $30,000 cup of coffee
What amenities are “must-have” rather than “nice to have” for the local market? Which amenities will attract the renters or buyers you’re targeting? The 2019 Multifamily Amenities Survey measured 113 amenity choices.
| Aug 9, 2019
Whirlpool Debuts Smart All-In-One Washer and Dryer
Whirlpool washer and dryer in one machine can provide laundering solutions in apartments with limited space.
| Aug 9, 2019
'Buildings Don't Lie': A building science reference book worth your time and money
Review of "Buildings Don't Lie," by engineer Henry Gifford.
| Aug 8, 2019
Wilsonart Engineered Surfaces to acquire Czech firm Technistone
U.S. manufacturer Wilsonart, maker of High Pressure Laminate, Quartz, Solid Surface, Coordinated TFL and Edgebanding products, moves to acquire Technistone.
Multifamily Housing | Aug 7, 2019
New start, new life, new friends: Student residence life in the age of Instagram
When it comes to the design and space planning of your residence life program, the quality of the space you create will be reflected in the social media feeds of your students.
Multifamily Housing | Aug 6, 2019
Using P3s to create affordable housing, public services
How the city of Chicago and nonprofit groups partnered to build three libraries plus affordable housing in underserved neighborhoods.
Multifamily Housing | Aug 3, 2019
A plant—or at least its image—grows in Brooklyn
A 90-foot mural overlooks the courtyard of a new residential building.
| Aug 2, 2019
Closet System Adds Value to Grand Rapids Apartment Community
20 Fulton Street East is a 12-story residential community in downtown Grand Rapids, Mich., developed by Brookstone Realty Management, where Organized Living's closet system was installed by dealer Rayhaven Group.