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
Multifamily Housing | May 25, 2021
A new condo tower in Brooklyn lets residents swim in the clouds
Brooklyn Point features an infinity pool that’s nearly 700 feet above the street.
Digital Twin | May 24, 2021
Digital twin’s value propositions for the built environment, explained
Ernst & Young’s white paper makes its cases for the technology’s myriad benefits.
Mixed-Use | May 19, 2021
Salt Lake City mixed-use residential community will feature micro units
KTGY is designing the project.
Multifamily Housing | May 18, 2021
Multifamily housing sector sees near record proposal activity in early 2021
The multifamily sector led all housing submarkets, and was third among all 58 submarkets tracked by PSMJ in the first quarter of 2021.
Multifamily Housing | May 13, 2021
Florida’s first LGBTQ+-focused affordable housing project for seniors opens
The project is located on The Pride Center’s five-acre Equality Park campus in Wilton Manors.
Multifamily Housing | May 12, 2021
Affordable mixed-use housing complex completes in South Los Angeles
KFA designed the project.
Mixed-Use | May 7, 2021
Mixed-use development tops out in Brooklyn’s Brownsville neighborhood
The project will bring 160 affordable housing units to the area.
Multifamily Housing | Apr 22, 2021
The Weekly Show, Apr 22, 2021: COVID-19's impact on multifamily amenities
This week on The Weekly show, BD+C's Robert Cassidy speaks with three multifamily design experts about the impact of COVID-19 on apartment and condo amenities, based on the 2021 Multifamily Amenities Survey.
Multifamily Housing | Apr 20, 2021
Two new residential towers set to rise in Nashville
Goettsch Partners is designing the buildings.
