Multifamily rents fall for first time in 6 months

Ending its six-month streak of growth, the average advertised multifamily rent fell by $1 in August 2024 to $1,741. Year-over-year growth remains largely unchanged at 0.8%.

According to the Yardi Matrix Multifamily National Report for August, the market's streak of rent growth was impacted by seasonality and the high number of deliveries to Sun Belt cities. However, demand still remains as the national occupancy rates sits at 94.7%.

Yardi Matrix Multifamily National Report for August 2024

While the dip in rent prices indicate incremental—not drastic—differences in the market as of August, change is still imminent.

“The Consumer Price Index has dropped under 3%, and with the housing component continuing to decelerate, inflation is getting close to the Fed's 2% target rate,” the report states. “Lower rates will be a relief to multifamily, potentially unlocking asset sales and refinancings, while reducing the pressure on properties that are underwater on their mortgages.”

National Average Rents

National average multifamily rent growth graph

Click here to read the full Yardi Matrix National Multifamily Report.

All-electric multi-family Passive House projects can be built at the same cost or close to the same cost as conventionally designed buildings, according to a report by the Passive House Network. The report included a survey of 45 multi-family Passive House buildings in New York and Massachusetts in recent years.

Apartments | Aug 22, 2023

Key takeaways from RCLCO's 2023 apartment renter preferences study

Gregg Logan, Managing Director of real estate consulting firm RCLCO, reveals the highlights of RCLCO's new research study, “2023 Rental Consumer Preferences Report.” Logan speaks with BD+C's Robert Cassidy.

Adaptive Reuse | Jul 27, 2023

Number of U.S. adaptive reuse projects jumps to 122,000 from 77,000

The number of adaptive reuse projects in the pipeline grew to a record 122,000 in 2023 from 77,000 registered last year, according to RentCafe’s annual Adaptive Reuse Report. Of the 122,000 apartments currently undergoing conversion, 45,000 are the result of office repurposing, representing 37% of the total, followed by hotels (23% of future projects).

Multifamily Housing | Jul 13, 2023

Walkable neighborhoods encourage stronger sense of community

Adults who live in walkable neighborhoods are more likely to interact with their neighbors and have a stronger sense of community than people who live in car-dependent communities, according to a report by the Herbert Wertheim School of Public Health and Human Longevity Science at University of California San Diego.

Multifamily Housing | Jun 29, 2023

5 ways to rethink the future of multifamily development and design

The Gensler Research Institute’s investigation into the residential experience indicates a need for fresh perspectives on residential design and development, challenging norms, and raising the bar.

Multifamily Housing | May 23, 2023

One out of three office buildings in largest U.S. cities are suitable for residential conversion

Roughly one in three office buildings in the largest U.S. cities are well suited to be converted to multifamily residential properties, according to a study by global real estate firm Avison Young. Some 6,206 buildings across 10 U.S. cities present viable opportunities for conversion to residential use.