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
Multifamily Housing | Apr 18, 2017
AIA honors three multifamily projects with 2017 Housing Awards
Bjarke Ingels’ VIA 57 West in New York is among the winners.
Multifamily Housing | Apr 18, 2017
Hanging Gardens-inspired CLT residential development proposed for Birmingham
Garden Hill will provide an ‘oasis-like residence’ for Birmingham’s growing, multicultural student population.
3D Printing | Apr 17, 2017
The Tokyo Pod Vending Machine resembles a giant game of Tetris in the sky
The building is designed to print and dispense its own dwellings in vending machine-obsessed Tokyo.
Multifamily Housing | Apr 10, 2017
Apartment deliveries will peak by mid-2017: Axiometrics report
A total of 343,582 apartment units will come onto the market in 2017, 55.7% of which in the first half of the year.
Mixed-Use | Apr 5, 2017
SOM-designed ‘vertical village’ is Thailand’s largest private-sector development ever
60,000 people will live and work in One Bangkok when it is completed in 2025.
High-rise Construction | Apr 4, 2017
Fifth tallest tower in the world opens in Seoul with the world’s highest glass-bottomed observation deck
Lotte World Tower’s glass-bottomed observation deck allows visitors to stand 1,640 feet above ground and look straight down.
Mixed-Use | Mar 27, 2017
The Plant brings terrace-to-table living to Toronto
Curated Properties and Windmill Developments have teamed up to create a mixed-use building with food as the crux of the project.
Multifamily Housing | Mar 24, 2017
Desirable L.A. neighborhood receives new 34-unit residential building
Killefer Flammang Architects designed the urban infill project.
High-rise Construction | Mar 22, 2017
Porsche Design Tower is, unsurprisingly, a car lover’s dream
The idea behind the residential tower was to provide residents with a full single family home in the sky, complete with a private garage and pool.
Multifamily Housing | Mar 15, 2017
Amenity-packed residential building is Zaha Hadid’s only NYC project
The building sits adjacent to New York’s popular High Line park and includes a $50 million penthouse.
