According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,706 in March. Yardi says year-over-year growth continued its downward slide, and is now 4% nationally, down 90 basis points from February and at the lowest level since rents started an unprecedented climb in April 2021.
“With affordability a growing concern and consumers constrained by high inflation, it is likely that rent growth in 2023 will be modest. Yet a multifamily hard landing is not yet in the cards, since household formation is still boosted by the tight job market, high single-family home prices and mortgage rates are keeping homeownership out of reach for some renters, and consumer balance sheets remain strong (for now).”
Click here to read the full report at Yardi.
