According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents in May increased $12 to $1,428 (2.5% year-over-year). In addition, Yardi says this is almost exactly where rent growth
was in March, 2020 when the pandemic began spreading in the U.S.
“Nationally, there is little weakness left in the multifamily sector. YoY rent growth is back to prepandemic levels, and rents on a dollar amount basis increased the most in a single month in the history of our data set.”