Multifamily asking rents picked up another $10 in February to reach a national average $1,628, and year-over-year growth recorded a 15.4 percent bump, according to the new Yardi Matrix Multifamily National Report.
Single-family rentals also continue to surpass past performance, SFR rents increased by 14.9 percent year-over-year through February.
While most anticipated that the steep upward trajectory for the rental sector would have moderated in the first quarter of 2022, the market continues to surprise. Of the top 30 metros tracked by Yardi® Matrix, 90 percent saw double-digit rent growth year-over-year.
“Rent growth is likely to start decelerating soon relative to the big increases that began in March 2021, but demand shows little sign of slowing,” say analysts. Nationally, occupancy rates are up 120 basis points year-over-year. Occupancy upticks are particularly strong in Texas and Florida metros, but also in gateway markets that lost residents during the pandemic. New York, San Jose and Chicago are among the cities seeing renters return.
Underlying the headlines are the effects of a long-term national housing shortage, notes the report. In January 2021, occupancy rates were 95 percent or higher in just 13 of the top 30 markets, but a year later only two of the top 30 are below that level. In another telling indicator, single-family home sale prices were up an average of 18.8 percent last year.
Related Stories
Multifamily Housing | Aug 10, 2021
A long-gestating apartment building finally gets underway in Long Beach, Calif.
Broadstone Promenade will add another piece to the city’s downtown lifestyle.
Multifamily Housing | Aug 9, 2021
Eden House residential development will rise 16 stories in Nashville
Gresham Smith designed the project.
| Aug 8, 2021
Furniture installation lends a 'hospitality feel' to a new apartment community in Colorado Springs
Furniture Solutions Group procured the furniture, window treatments, artwork, and accessories for the Mae on Cascade apartments in Colorado Springs.
Multifamily Housing | Aug 1, 2021
An aging public housing complex in L.A. is being redeveloped
The city and county are grappling with an escalating homeless crisis
Multifamily Housing | Jul 30, 2021
Multifamily housing for a post-COVID world
A trio of multifamily design experts presents concepts for post-pandemic apartment developments.
Multifamily Housing | Jul 28, 2021
158-unit multifamily complex set to begin construction in D.C.’s Logan Circle
Hickok Cole is the project architect.
Multifamily Housing | Jul 28, 2021
158-unit multifamily complex set to begin construction in D.C.’s Logan Circle
Hickok Cole is the project architect.
Multifamily Housing | Jul 27, 2021
New report predicts double-digit multifamily delivery rebound in 2021
Yardi Matrix also foresees rent inflation “persisting” in some metros for months ahead.
Multifamily Housing | Jul 27, 2021
Call for submissions: ‘Affordable Housing Projects' Cover Story
MULTIFAMILY Design+Construction is looking for the best new "affordable housing" communities for the Fall Issue 2021.