According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,718 in October, 2023. Yardi says demand for apartments remains robust, and is in line with the surprisingly strong economy and with homeownership increasingly out of reach as mortgage rates soar.
“Multifamily demand remains strong, as the U.S. economy continues to confound prognosticators. Despite rising interest rates that led to consensus forecasts of a near-certain recession in 2023, GDP rose by 4.9% in the third quarter and the economy averaged almost 300,000 new jobs per month through October.”
“Now the question is whether the economy’s performance is a last gasp before a downturn or a sign of ongoing vigor…”