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
![National Average Rents January 2024 Yardi Matrix report](/sites/default/files/inline-images/Screen%20Shot%202024-02-14%20at%202.22.50%20PM.png)
“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
Architects | Oct 27, 2015
Top 10 tile trends for 2016
Supersized tile and 3D walls are among the trending tile design themes seen at Cersaie, an exhibition of ceramic tile and bathroom furnishings held in Bologna, Italy in October.
Multifamily Housing | Oct 27, 2015
Multifamily building in downtown Montreal is being built from the roof down
The method eliminates the need for scaffolding and cranes.
Modular Building | Oct 22, 2015
My Micro NY will soon be New York's first micro-apartment building
The Manhattan modular building will be completed in December and will contain apartments with low rents, but small space.
Architects | Oct 20, 2015
Four building material innovations from the Chicago Architecture Biennial
From lightweight wooden pallets to the largest lengths of CLT-slabs that can be shipped across North America
Multifamily Housing | Oct 20, 2015
Builder confidence rises on multifamily’s strength
Starts and completions were up solidly in September, but permits are leveling off.
Multifamily Housing | Oct 16, 2015
Textile factory turned multifamily has train tracks running through it
The Counting House Lofts is a 200-year-old building that still has its train tracks, exterior train bay doors, and a watch house tower.
Multifamily Housing | Oct 15, 2015
Montreal apartment is world’s largest residential cross-laminated timber project
Its 434 condo, townhouse, and rental units in three eight-story buildings are made from sustainably harvested wood turned into panels by Canadian company Nordic Wood Structures together with the Cree Nation in Chibougamau.
Sponsored | Multifamily Housing | Oct 15, 2015
Apartment takes progressive turn in architecturally traditional D.C.
The new Lyric 440K Apartments is a 14-story structure housing 234 one- and two-bedroom units in the heart of D.C.'s up-and-coming Mount Vernon Triangle
Multifamily Housing | Oct 12, 2015
Freddie Mac: Multifamily demand should outpace supply through 2016
Vacancy rates and rent growth are “converging” in most markets.
Multifamily Housing | Oct 7, 2015
BIG designs lush, terraced mixed-use building in Sweden
Cascading glass and wooden cubes create a form similar to Northern Ireland’s Giant’s Causeway rock formation.