Average U.S. multifamily rents rose another $19 in June to edge over $1,700 for the first time ever, according to the latest Yardi® Matrix Multifamily Report.
The increase was fueled by strong demand and rent growth throughout the country. Rent growth increased at least 10 percent year-over-year in 25 of Yardi’s top 30 metros. National occupancy rates were solid at 96 percent.
On a year-over-year basis, growth continues to slow down. In June, it decelerated by 50 basis points to 13.7 percent. That’s 130 basis points off the February peak of 15.2 percent.
Rents in the single-family build-to-rent (BTR) sector continue to grow as well. The average single-family BTR asking rent increased by $23 in June to an all-time high of $2,071. Year-over-year growth dropped by 90 basis points to 11.8 percent.
“The multifamily market is starting to show signs of deceleration in June but is still performing at extremely high levels. Year-over-year rent growth was down 50 basis points from May. While rent growth in 2022 is still higher than any previous year on record, it is the fourth month in a row year-over-year rent growth declined,” note Matrix analysts.
The expectation for the remainder of 2022 is for rents to increase at slower rates as the economy cools off. “Inflation rates will take a while to ebb, causing consumers to cut into savings and their ability to afford increasing rental rates will lessen as the year goes on,” states the latest report.
Learn more in the latest multifamily report.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, industrial, office and self storage property types. Email matrix@yardi.com, call 480-663-1149 or visit yardimatrix.com to learn more.
Related Stories
High-rise Construction | Mar 12, 2015
Developers confirm Renzo Piano’s contribution in Sydney harbor overhaul
If the entire development is approved, One Sydney Harbour will be Piano’s second project in Australia.
Multifamily Housing | Mar 12, 2015
Multifamily construction has been a boon to L.A.’s economy
A new study finds that nearly one-quarter of Los Angeles’ population lived in rental homes and apartments in 2013, a number that undoubtedly has increased since.
Modular Building | Mar 10, 2015
Must see: 57-story modular skyscraper was completed in 19 days
After erecting the mega prefab tower in Changsha, China, modular builder BSB stated, “three floors in a day is China’s new normal.”
Multifamily Housing | Mar 10, 2015
Developers bullish about multifamily market for third consecutive quarter
After increasing steadily over the past several years, multifamily production has now reached a healthy, sustainable level, according to NAHB Chief Economist David Crowe.
Multifamily Housing | Mar 10, 2015
A loft project in Dallas evolves into a high rise for both affluent and artistic customers
Atelier | Flora Lofts will be built on one of this city’s last choice undeveloped lots.
Multifamily Housing | Mar 10, 2015
KTGY homes in on seniors with new studio
Its director, Doug Ahlstrom, says designs will emphasize socialization and community.
Multifamily Housing | Mar 10, 2015
Multifamily renovation now drives growth for national restoration business
Response Team 1 has established a national footprint through acquisitions.
Retail Centers | Mar 10, 2015
Retrofit projects give dying malls new purpose
Approximately one-third of the country’s 1,200 enclosed malls are dead or dying. The good news is that a sizable portion of that building stock is being repurposed.
Architects | Mar 9, 2015
Study explores why high ceilings are popular
High ceilings give us a sense of freedom, new research finds
Transit Facilities | Mar 4, 2015
5+design looks to mountains for Chinese transport hub design
The complex, Diamond Hill, will feature sloping rooflines and a mountain-like silhouette inspired by traditional Chinese landscape paintings.
