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 | Jul 11, 2021
Aluminum railing systems offer ‘versatile styling, easy installation’
Trex Aluminum railing systems offer ‘versatile styling, easy installation,' says the manufacturer.
Daylighting Designs | Jul 9, 2021
New daylighting diffusers come in three shape options
Solatube introduces its newest technology innovation to its commercial product line, the OptiView Shaping Diffusers.
Multifamily Housing | Jul 8, 2021
As homelessness becomes more visible, building shelters presents opportunities to AEC firms
C.W. Driver Companies and XL Construction have just completed transitional housing projects in California.
Multifamily Housing | Jul 7, 2021
Make sure to get your multifamily amenities mix right
One of the hardest decisions multifamily developers and their design teams have to make is what mix of amenities they’re going to put into each project. A lot of squiggly factors go into that decision: the type of community, the geographic market, local recreation preferences, climate/weather conditions, physical parameters, and of course the budget. The permutations are mind-boggling.
Multifamily Housing | Jun 30, 2021
A post-pandemic ‘new normal’ for apartment buildings
Grimm + Parker’s vision foresees buildings with rentable offices and refrigerated package storage.
Resiliency | Jun 24, 2021
Oceanographer John Englander talks resiliency and buildings [new on HorizonTV]
New on HorizonTV, oceanographer John Englander discusses his latest book, which warns that, regardless of resilience efforts, sea levels will rise by meters in the coming decades. Adaptation, he says, is the key to future building design and construction.
Multifamily Housing | Jun 23, 2021
COVID-19’s impact on multifamily amenities
Multifamily project teams had to scramble to accommodate the overwhelming demand for work-from-home spaces for adults and study spaces for children.
Multifamily Housing | Jun 22, 2021
New apartment community breaks ground in Bethesda
KTGY is designing the project.
Multifamily Housing | Jun 14, 2021
Baccarat Residences Brickell set to rise in Miami
Arquitectonica is designing the project.
Multifamily Housing | Jun 9, 2021
MVE + Partners completes One Museum Square
The luxury apartment community is located in the heart of Los Angeles.