According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents were $1,715 in December, down $4 from December. Yardi says multifamily saw strong growth in 2022, but rents are feeling some strain.
“Our outlook is colored by the demand-supply equation. Demand for apartments is moderating from 2021 record levels as the economy cools, excess household savings are depleted, affordability is stretched and the post-pandemic migration is played out.”
“Meanwhile, 2023 should be a strong year for new supply. More than 400,000 units are expected to come online in 2023.”