According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,716 in May (up $7). Yardi says year-over-year growth again continued its downward slide, and is now 2.6% nationally, down 70 basis points from April – the lowest since March, 2021. Yardi says multifamily demand remains strong despite the threat of a slowing economy looming on the horizon. Indeed…
“Another factor in the weaker rent growth is declining occupancy rates driven by slowing household formation, competition from new deliveries, lack of affordable units and diminishing demand as corporate layoffs start to increase and consumer confidence wanes. Occupancy rates as of April were negative compared to the same month a year ago in 28 of the Matrix top 30 metros..”
“…Renting is still cheaper than homeownership, and first-time buyers are renting longer, as for-sale inventory is low…”
Click here to read the full report at Yardi.
