The multifamily market was stable at the start of 2024, despite the pressure of a supply boom in some markets, according to the latest Yardi Matrix National Multifamily Report. The average asking multifamily rent remained flat at $1,710 in January for a 0.5% year-over-year increase, while occupancy decreased 50 basis points year-over-year in December, to 94.6%.
Yardi Matrix Multifamily Rent Report for January 2024
Rent growth remained highest in the Northeast and Midwest, while four of Yardi Matrix’s top 30 metros posted rent declines of 3% or more year-over-year. Occupancy was positive in one market and remained flat in two.
Rent growth will be impacted by supply in 2024, as Yardi Matrix forecasts a record 540,000 units to be delivered this year, and another 460,000 units in 2025.
National Average Rents
“Another year of weak growth is expected in 2024 largely due to the rapid increase in deliveries that stems from the sector’s strong performance, high liquidity, and favorable treatment in the 2017 tax bill,” say Matrix analysts.
New supply is inconsistent across the map, with the highest amounts in fast-growing tertiary and secondary markets, predominantly in the Sunbelt and Western regions. There, multifamily rent growth will likely remain tepid. Meanwhile, the weak supply in markets in the Northeast and Midwest is expected to keep rents rising.
Single-family rentals outperformed multifamily last month, with the average rent up $2 to $2,130 in January, a 1.5% year-over-year increase. The occupancy rate in December stood at 95.7%, up 10 basis points year-over-year, a sign that demand remained robust.
Click here to read the full Yardi Matrix National Multifamily Report.
Related Stories
| Sep 15, 2014
Gen-Y-focused multifamily development under way in L.A.
The new urban residential community at 1001 S. Olive Street will offer open floor plans consisting of 64 studios, 109 one bedroom units, and 28 two-bedroom units, ranging in size from approximately 500 sq ft to 1,100 sq ft.
| Sep 9, 2014
Using Facebook to transform workplace design
As part of our ongoing studies of how building design influences human behavior in today’s social media-driven world, HOK’s workplace strategists had an idea: Leverage the power of social media to collect data about how people feel about their workplaces and the type of spaces they need to succeed.
| Sep 7, 2014
Behind the scenes of integrated project delivery — successful tools and applications
The underlying variables and tools used to manage collaboration between teams is ultimately the driving for success with IPD, writes CBRE Healthcare's Megan Donham.
| Sep 5, 2014
First Look: Zaha Hadid's Grace on Coronation towers in Australia
Zaha Hadid's latest project in Australia is a complex of three, tapered residential high-rises that have expansive grounds to provide the surrounding community unobstructed views and access to the town's waterfront.
| Sep 3, 2014
Ranked: Top local government sector AEC firms [2014 Giants 300 Report]
STV, HOK, and Turner top BD+C's rankings of the nation's largest local government design and construction firms, as reported in the 2014 Giants 300 Report.
| Sep 3, 2014
New designation launched to streamline LEED review process
The LEED Proven Provider designation is designed to minimize the need for additional work during the project review process.
| Sep 2, 2014
Ranked: Top green building sector AEC firms [2014 Giants 300 Report]
AECOM, Gensler, and Turner top BD+C's rankings of the nation's largest green design and construction firms.
| Sep 2, 2014
Extreme conversion: 17-story industrial silo to be converted to high-rise housing
As part of Copenhagen's effort to turn an industrial seaport into a bustling neighborhood, Danish architecture firm COBE was invited to convert a grain silo into a residential tower.
| Sep 2, 2014
Melbourne's tallest residential tower will have 'optically transformative façade'
Plans for Melbourne's tallest residential tower have been released by Elenberg Fraser Architects. Using an optically transformative façade and botanical aesthetic, the project seeks to change the landscape of Australia's Victoria state.
| Sep 1, 2014
Ranked: Top federal government sector AEC firms [2014 Giants 300 Report]
Clark Group, Fluor, and HOK top BD+C's rankings of the nation's largest federal government design and construction firms, as reported in the 2014 Giants 300 Report.
