10 hardest places to find an apartment in 2024

The challenge of finding an available rental continues to increase for Americans nation-wide. On average, there are eight prospective tenants vying for the same vacant apartment.

The multifamily sector continues to be strong in 2024, even when a handful of challenges are present. That is according to the Matrix Multifamily National Report for Summer 2024.

Multifamily rents rose for the fourth month in a row, according to the May 2024 National Multifamily Report. Up 0.6% year-over-year, the average U.S. asking rent increased by $6 in May, up to $1,733.

For the first time ever, hotel to apartment conversion projects have overtaken office-to-residential conversions.

Asking rents for multifamily units increased $8 during the month to $1,721; year-over-year growth grew 30 basis points to 0.9 percent—a normal seasonal growth pattern according to Yardi Matrix.

Overall expenses per multifamily unit rose to $8,950, a 7.1% increase year-over-year (YOY) as of January 2024, according to an examination of more than 20,000 properties analyzed by Yardi Matrix.

Preleasing is still increasing at a historically fast pace, surpassing 61% in February 2024 and marking a 4.5% increase year-over-year.

Lamar Johnson Collaborative announced the debut of the firm’s Adaptive Reuse Scorecard, a proprietary methodology to quickly analyze the viability of converting buildings to other uses.