According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,709 in December, 2023 – the 5th straight month of declines. However, Yardi says year-over-year growth was unchanged, finishing 2023 at 0.3%.
“With all that said, how worried should the market be going into 2024? While it is prudent to prepare for downside scenarios, conditions may not be as weak as they appear on the surface.”
“…most importantly, household formation and the strong job market should continue to maintain demand. Apartment absorption totaled 285,000 in 2023 through November, per Matrix, which is in line with recent years when rents rose robustly.”
Click here to read the full report at Yardi.
