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12/20/2022 | Matrix Multifamily Baltimore Report-December 2022 | Baltimore Inches Forward Rents in Baltimore rose 0.3 percent on a T3 basis through October, to an average of $1,687. Demographic trends are slowing, while economic headwinds have limited the development pipeline, with 751 units breaking ground this year. |
12/20/2022 | Matrix Multifamily Detroit Report-December 2022 | Detroit’s Mixed Performance Rent growth in Detroit decreased to 0.3 percent on a T3 basis through October, with average rates at $1,251, well below the $1,727 national average. Occupancy remained elevated, at 96.2 percent, as deliveries were on par with prior annual averages. |
12/20/2022 | Matrix Multifamily Houston Report-December 2022 | Houston’s Fundamentals Stay Solid Houston rents rose 0.3 percent on a T3 basis through October, to an average of $1,327. Meanwhile, construction starts increased in 2022, and investors traded $9 billion in multifamily assets through October. |
12/20/2022 | Matrix Multifamily Inland Empire Report-December 2022 | Inland Empire Stays Steady With the average rent at $2,150, the Inland Empire is the most affordable SoCal market. Although rents were down 0.2 percent on a T3 basis, they were up a significant 7.7 percent year-over-year. |
12/20/2022 | Matrix Multifamily Kansas City Report-December 2022 | Kansas City Overperforms Kansas City’s rent growth continued well above trend, at 0.6 percent on a T3 basis through October. Meanwhile, occupancy slid just 10 basis points on a year-over-year basis as of September, to 95.5 percent. |
12/20/2022 | Matrix Multifamily Las Vegas Report-December 2022 | Las Vegas’ Spotty Performance Rent growth in Las Vegas turned negative, down 0.4 percent on a T3 basis through October, to an average of $1,504, trailing the $1,727 U.S. average. However, deliveries and construction activity have picked up—with 1,173 units added to the inventory and another 9,400 underway—and transaction volume rose to $3 billion. |
12/20/2022 | Matrix Multifamily Orlando Report-December 2022 | Orlando Market Progresses Rent growth in Orlando was flat on a three-month basis through October, but rates clocked in at $1,851, well above the $1,727 national figure. Although economic headwinds are gathering, the market recorded significant transaction activity, with $5.6 billion in deals through the year’s first 10 months. |
12/20/2022 | Matrix Multifamily Philadelphia Report-December 2022 | Philly Shifts Gears Amid economic challenges, Philadelphia’s multifamily market is preparing to round off a solid year. Rents were up 7.6 percent year-over-year, while transactions are on track for a new decade high at $2.5 billion through the year’s first 10 months. |
12/20/2022 | Matrix Multifamily Sacramento Report-December 2022 | Sacramento Ends Strong Run Rent growth in Sacramento decelerated considerably, down 0.1 percent on a T3 basis. Occupancy also declined but remained above the 96 percent mark. Still, multifamily transactions had a strong third quarter, accounting for half of 2022 sales. |
12/20/2022 | Matrix Multifamily San Jose Report-December 2022 | Following national trends, rent growth slowed in San Jose, at 0.3 percent on a T3 basis through October. Investment activity continued a strong pace, with $1.1 billion in sales through October, more than the previous two years added together. |
12/1/2022 | Matrix Multifamily Austin Report-November 2022 | Austin Sales Still Hot
Austin assets continued to generate sales activity, with investment volumes exceeding $2.1 billion during the first three quarters of 2022. Meanwhile, rents remained flat in September, at $1,792, well above the $1,718 national average. |
12/1/2022 | Matrix Multifamily Boston Report-November 2022 | Boston’s Softening Fundamentals
Boston rent growth continued, at 0.4 percent on a T3 basis through September, to an overall average of $2,706. The multifamily transaction volume remained robust, surpassing $2.5 billion in September, as per-unit prices stood at $376,549. |
12/1/2022 | Matrix Multifamily Dallas Report-November 2022 | Dallas Assets Generate Interest
Dallas rents grew 0.2 percent on a T3 basis through September, to an average of $1,566. Multifamily sales stayed high following a record year in 2021, as investment volume closed in on the $8 billion mark in September, for an average price per unit of $184,307, up 16.5 percent over 2021 values. |
12/1/2022 | Matrix Multifamily Los Angeles Report-November 2022 | L.A. Investment Activity Endures
Although cooling to 0.4 percent on a T3 basis, Los Angeles rent growth was double the national rate of improvement. The metro’s overall average rate, at $2,588, remains well above the $1,718 national average. Investors continued to have an appetite for assets, with $4.6 billion in sales through the first three quarters. |
12/1/2022 | Matrix Multifamily Raleigh Report-November 2022 | Triangle Multifamily Forges Ahead
Raleigh-Durham’s multifamily market is showing signs of slowing performance, as rents contracted a slight 0.1 percent on a T3 basis as of September, to an overall average of $1,630. Meanwhile, U.S. rates inched up 0.2 percent to $1,718. |
12/1/2022 | Matrix Multifamily San Diego Report-November 2022 | San Diego Still Steady
In line with most U.S. markets, San Diego rent growth is moderating after its recent bull run, with the average up 0.3 percent on a T3 basis, to an average of $2,645. Meanwhile, 2,472 units came online during the first three quarters, a solid figure for the market. |
12/1/2022 | Matrix Multifamily San Francisco Report-November 2022 | Strong Fundamentals in San Francisco
Rent growth slowed down but stayed solid at 0.3 percent on a T3 basis through September, pushing the average rent to $2,854, one of the highest in the nation. Investment sales reached $2.1 billion this year through the first three quarters, up almost a quarter over the same interval in 2021. |
12/1/2022 | Matrix Multifamily Seattle Report-November 2022 | Seattle Investment Activity Still High
Investment volume rose to $3.2 billion in Seattle, outperforming the figure registered during the same period in 2021. Meanwhile, the metro’s overall average rent contracted 0.3 percent on a T3 basis through September to $2,232, significantly higher than the $1,718 national average. |
12/1/2022 | Matrix Multifamily Tampa Report-November 2022 | Tampa Continues Progress
Rent growth in Tampa began to decelerate in the third quarter of 2022, remaining at 0.1 percent on a T3 basis, for an average of $1,827. Deliveries were strong through September, as 5,154 units came online, while new construction slowed slightly. |
12/1/2022 | Matrix Multifamily Washington DC Report-November 2022 | D.C.’s Rental Market Highs
Rent growth slowed to 0.3 percent on a T3 basis through September, 10 basis points higher than the national rate of rent growth. One of the strongest markets for investment in 2021, the district continued to draw activity, recording $4.2 billion in sales through the year’s first three quarters. |
11/8/2022 | Matrix Multifamily Cleveland Report-October 2022 | Cleveland Faces Challenges
Cleveland rents grew 0.9 percent on a T3 basis through August, 30 basis points above the U.S. rate, although its overall average rent is still among the most affordable in the U.S. Investment activity through the first eight months of the year essentially matched 2021’s full-year total. |
11/8/2022 | Matrix Multifamily Indianapolis Report-October 2022 | Indy’s Solid 2022 Continued Through Summer
Indianapolis recorded a solid eight months, with multifamily investment activity at $1.7 billion, 25 percent higher than in the entirety of 2021. Rent growth tapered but was still well above national figures. Even construction, while slowing, showed signs of growth as starts almost tripled year-over-year. |
11/8/2022 | Matrix Multifamily Miami Report-October 2022 | South Florida Maintains Growth Pace
Despite a significant slowdown during the summer, Miami’s rent growth ranked among the national leaders on a year-over-year basis as of August, only trailing Orlando. The average rent in the metro clocked in at $2,344, significantly above the $1,718 U.S. figure. |
11/8/2022 | Matrix Multifamily Orange County Report-October 2022 | Orange County Fundamentals Moderate
Rent growth in Orange County softened to 0.5 percent on a T3 basis through August, to $2,721. Meanwhile, unemployment dropped below the 3 percent mark in June. Deliveries and construction activity also moderated, but transaction activity remained high, backed by a strong first half of 2022. |
11/8/2022 | Matrix Multifamily Pittsburgh Report-October 2022 | Pittsburgh Sees Ups and Downs in Fundamentals
After largely trailing the national rate of growth throughout the cycle, Pittsburgh’s rental market outperformed the national rate of growth by 20 basis points on a T3 basis, at 0.8 percent as of August. Its oscillating construction market added units at a below-national rate, while investment was extremely limited, even by the market’s typically moderate standards. |
11/8/2022 | Matrix Multifamily Portland Report-October 2022 | Portland’s Summer Points to Fall Moderation
Rent growth in Portland moderated to 0.6 percent on a T3 basis through August, on par with the U.S. rate. At $1,759, the average rate in the metro is slightly ahead of the national figure. Construction activity remained high, but deliveries softened, as did transactions, with the debt markets navigating rising interest rates and inflation. |
11/8/2022 | Matrix Multifamily Richmond Report-October 2022 | Richmond Rental Investment Hot—For Now
The Richmond-Tidewater metro slightly outpaced the moderating rate of rent improvement on a T3 basis, at 0.7 percent as of August. The market saw record-breaking investment activity over 12 months, showcasing investor confidence in the multifamily market, but mounting pressures from the debt markets will likely curb the pace of sales. |
11/8/2022 | Matrix Multifamily Salt Lake City Report-October 2022 | Utah’s Capital Makes Solid Progress
Salt Lake City rents averaged $1,614 in August, with growth on a T3 basis slightly above the 0.6 percent national rate. Investment volume hit $745 million year-to-date through August and is on track to just cross the $1 billion mark by year’s end, even though investment activity began to taper near the halfway point of 2022. |
11/8/2022 | Matrix Multifamily San Antonio Report-October 2022 | San Antonio Multifamily Slowly Heads Into EOY
San Antonio rents continued to moderate, rising just 0.5 percent on a T3 basis through August, just behind the U.S. rate, to reach $1,295. Slowing construction starts and deliveries point to a decrease in stock expansion, while transaction activity remained high with $2 billion in multifamily assets trading through August, bolstered by activity during the year’s first half. |
11/8/2022 | Matrix Multifamily St Louis Report-October 2022 | St. Louis Sees Steady but Slow Progress
St. Louis rents rose 0.8 percent on a T3 basis through August, outperforming the U.S. rate for the first time in 20 months. Yet its employment expansion has seen a softening trend through the past 12 months, up just 3.2 percent and some ways behind the 4.7 percent national rate. |
9/30/2022 | Matrix Multifamily Albuquerque Report-September 2022 | Albuquerque Maintains Steady Progress Albuquerque rents clocked in at 1.1 percent on a T3 basis through July, the third straight month of above-trend improvement. However, the metro is still fairly affordable by national standards. Deliveries softened, but transaction activity remained elevated, with the volume through July surpassing $502 million. |
9/30/2022 | Matrix Multifamily Chicago Report-September 2022 | Chicago Shows Improvement Chicago’s rent growth accelerated to 1.1 percent on a T3 basis through July, to a new high of $1,814. Demand is strong, with occupancy improving to 95.6 percent, up 100 basis points year-over-year, above pre-pandemic levels. Construction starts jumped 17 percent year-over-year, pointing to increased development activity. |
9/30/2022 | Matrix Multifamily Columbus Report-September 2022 | Massive Investments Drive Growth in Franklin County Columbus is set to house Ohio’s largest investment to date: a $20 billion Intel facility in New Albany. Area rents are already topping all other submarkets, and rose a whopping 17.3 percent, to $1,583. The metro’s overall rent growth was slower but nonetheless improved, measuring 1.3 percent on a T3 basis through July, 30 basis points above the U.S. rate. |
9/30/2022 | Matrix Multifamily Denver Report-September 2022 | Denver Rental Market Stays Elevated Denver’s multifamily market has had a stellar decade, but development and investment activity are now moderating. Rent growth in the market surpassed the U.S. average for the fourth consecutive month, rising 1.2 percent on a T3 basis through July, to an average of $1,941. |
9/30/2022 | Matrix Multifamily Jacksonville Report-September 2022 | Jacksonville Shifts Down a Gear On the heels of a strong 2021, Jacksonville multifamily is showing signs of cooling off. Rents were up just 0.4 percent in three months, 60 basis points below the U.S. average, while occupancy dropped year-over-year to 95.2 percent. Meanwhile, $1 billion in assets traded in the first seven months of 2022, with an increase in the price per unit. |
9/30/2022 | Matrix Multifamily Knoxville Report-September 2022 | Knoxville Achieves New Records At a time when most markets are experiencing some form of moderation in rent, development or transaction activity, Nashville is witnessing new highs across its fundamentals. Rent growth on a T3 basis is double the national rate, at 2.0 percent as of July, and investment activity is the highest in a decade. |
9/30/2022 | Matrix Multifamily Nashville Report-September 2022 | Minor Softening in Nashville Nashville rents rose 1.3 percent on a T3 basis through July, to $1,676, a slight deceleration from recent months, with the recovery of leisure and hospitality pressuring the Renter-by-Necessity segment. Meanwhile, investment volume exceeded $2.2 billion, already surpassing all other years except 2021. |
9/30/2022 | Matrix Multifamily Phoenix Report-September 2022 | Phoenix Rent Growth Stalls, Investment Soars Rent growth has moderated in Phoenix since the start of 2022, clocking in at 0.3 percent on a T3 basis through July, to $1,960, trailing the U.S. rate. The softening is likely due to substantial development, with 17,000 units delivered and almost 35,000 under construction. |
9/30/2022 | Matrix Multifamily Queens Report-September 2022 | Queens Rent Growth Cools Despite Strong Demand Queens’ multifamily rent growth slowed to 0.2 percent on a T3 basis, reaching $2,820 in July, although occupancy climbed to 98.3 percent, hinting at strong levels of demand. Developers brought 2,204 units online, accounting for 2.1 percent of existing inventory. |
9/30/2022 | Matrix Multifamily Twin Cities Report-September 2022 | Investment Momentum Stays Up in the Twin Cities Multifamily investors continue to be keen on Minneapolis-St. Paul despite moderating rent performance, with the $923 million of assets sold in 2022’s first seven months well above the same period last year and on track to surpass 2021’s peak of $1.7 billion. Deliveries have also hit the brakes, with construction starts almost at a standstill due to strict rent control regulations. |
8/30/2022 | Matrix Multifamily Atlanta Report-August 2022 | It’s Peachy in Atlanta Rents rose 0.8 percent on a T3 basis through June, to $1,727, although last year’s deliveries dented the occupancy rate in stabilized assets, which dropped 70 basis points in the 12 months ending in May, to 95 percent. |
8/30/2022 | Matrix Multifamily Baltimore Report-August 2022 | Baltimore Persists Through Headwinds Baltimore’s multifamily rents grew 9.4 percent year-over-year, to $1,664. Both transactions and construction activity cooled off after an exceptional 2021, with $1 billion generated by sales in the first half of the year and deliveries amounting to 0.3 percent of stock. |
8/30/2022 | Matrix Multifamily Brooklyn Report-August 2022 | Brooklyn Bounces Back After a deep trough and a relatively speedy recovery, Brooklyn’s back. Rents are up 11.2 percent year-over-year, mainly fueled by upscale communities, bringing the average rate $200 above the figure recorded in 2020, prior to the pandemic. With strong demand fueling these rate increases, occupancy improved even as completions accelerated in the New York City borough. |
8/30/2022 | Matrix Multifamily Charlotte Report-August 2022 | Charlotte Maintains Investment Momentum More than $2.1 billion in multifamily assets changed hands in the Queen City in the first half of the year, well above the $1.4 billion transaction volume recorded over the same interval in 2021. Meanwhile, deliveries hit the brakes, but rent growth remained 20 basis points above the 1.1 percent national average on a T3 basis. |
8/30/2022 | Matrix Multifamily Detroit Report-August 2022 | Detroit Idles Growth Detroit rents rose 0.8 percent on a T3 basis through June, to $1,228, as occupancies slowed but remained relatively high, at 96.5 percent in May. Transaction activity slowed in the second quarter, but the per-unit price rose by a hefty 49.4 percent over the course of a year. |
8/30/2022 | Matrix Multifamily Inland Empire Report-August 2022 | Rentals Improve in the Inland Empire Despite being located in Southern California, the Inland Empire has by far the most affordable rents on the West Coast, at $2,164. With construction activity staying limited and its shipping- and logistics-anchored economy going through arguably its best moment, property values have increased quickly in 2022, with per-unit prices reaching $360,284. |
8/30/2022 | Matrix Multifamily Las Vegas Report-August 2022 | Las Vegas’ Summertime Cooldown A slowdown in demand put a 140-basis-point hole in the occupancy rate in stabilized properties, causing Las Vegas’ rent growth to moderate. Through June, it was up just 0.6 percent on a T3 basis, to $1,525. Deliveries also lagged, with just 216 units brought online, but investment remained high. |
8/30/2022 | Matrix Multifamily Manhattan Report-August 2022 | Manhattan Makes Strides Following a tough pandemic period, Manhattan’s multifamily market is enjoying a strong run, outperforming national rent growth by 10 basis points. Investment was the standout metric for the borough during the first half of 2022, with $3 billion in sales recorded, $500 million more than the previous 24-month total. |
8/30/2022 | Matrix Multifamily Philadelphia Report-August 2022 | Strong Demand in Philadelphia Strong demand helped maintain occupancy at 96.7 percent in May, despite robust deliveries. As a result, rents continued to rise, up 1.0 percent on a T3 basis through June, to $1,695. Transaction activity neared $1.2 billion as of June, double the volume recorded during the same interval last year, although signs of moderation were beginning to appear. |
8/24/2022 | Matrix Multifamily Kansas City Report-August 2022 | Investment Activity Intensifies in Kansas City The first half of the year ended on a strong note for transaction activity in the metro. Roughly $753 million in multifamily assets traded, almost twice the volume reported in the first half of 2021. Meanwhile, rents maintained their upward trajectory. At the end of June, average overall rents grew by 1.2 percent on a T3 basis, to $1,185. |
7/27/2022 | Matrix Multifamily Dallas Report-July 2022 | Dallas Maintains Solid Fundamentals Rents rose 1.2 percent on a T3 basis through May, and occupancy increased 90 basis points in the 12 months ending in April, to 95.5 percent. Despite the current economic headwinds, transaction activity remained robust, in May coming in above the volume recorded during the same period last year. |
7/27/2022 | Matrix Multifamily Houston-July 2022 | Houston Multifamily Proves Hot Investment Market
Following last year’s robust inventory expansion, Houston rents rose 0.7 percent on a T3 basis in May, while occupancy hiked 130 basis points year-over-year as of April, to 94.1 percent. Transaction activity intensified, with sales volume through May far outpacing last year’s through the same interval. |
7/27/2022 | Matrix Multifamily Orlando Report-July 2022 | Strong Demand Supports Central Florida’s Rental Market Orlando posted solid fundamentals across the board at the end of 2022’s first five months. Rents grew by 1.2 percent on a T3 basis through May to an average of $1,796, while sales amounted to $2.5 billion. The occupancy rate also improved, up 90 basis points year-over-year in April. |
7/27/2022 | Matrix Multifamily Sacramento Report-July 2022 | Former Growth Powerhouse Sacramento Slips to Middle-of-the-Pack After leading rent growth nationally for long swaths of the cycle, Sacramento’s multifamily sector is juggling slow construction activity, record-high rents and increased property values. The average rent in the capital of California was $1,936 as of May, more than $250 higher than the all-time-high national figure of $1,680. |
7/27/2022 | Matrix Multifamily San Francisco Report-July 2022 | Challenges Remain for San Francisco Rentals Rents in San Francisco were up 8.7 percent year-over-year—to $2,750—a slower pace than in most U.S. markets. However, the metro’s pipeline, with more than 20,000 units underway, shows enduring confidence in the city’s rental sector. |
7/27/2022 | Matrix Multifamily San Jose Report-July 2022 | Record Rents in San Jose San Jose’s multifamily rents reached a new high, growing 1.8 percent on a T3 basis through May, to an average of $3,006. After a record-breaking year in 2021 with 7,230 units added to the rental stock, deliveries did not start the year at a similar clip, with only 500 units added. |
7/27/2022 | Matrix Multifamily Seattle Report-July 2022 | Seattle’s Improved Fundamentals Seattle rent growth outperformed the U.S. as a whole, rising 1.4 percent on a T3 basis through May, while occupancy was up 120 basis points to 96.3 percent in April. As metrics continued to strengthen, investment activity also flourished. |
7/27/2022 | Matrix Multifamily Tampa Report-July 2022 | Tampa Investment Maintains Momentum Multifamily continues to be one of the leading growth areas for Tampa Bay’s real estate sector. On a T3 basis through May, rents grew by 1.2 percent to a record $1,797 average. Transaction activity also kept up an accelerated pace, with sales in the first five months of the year totaling almost $3 billion, three times the 2021 deal volume for the same period. |
7/27/2022 | Matrix Multifamily Washington DC Report-July 2022 | D.C. Multifamily Sees Capital Gains Despite economic turbulence, Washington, D.C., multifamily remained largely unfazed going into the second half of 2022. Rents were up 10 percent year-over-year, while the 37,345 units underway placed the metro’s pipeline fourth nationwide. Meanwhile, $1.9 billion in rental assets traded this year through May. |
7/19/2022 | Matrix Multifamily Austin Report-July 2022 | Economic Growth Boosts Austin’s Multifamily Market Rent growth picked up again in Austin, with a 0.8 percent increase on a T3 basis through May, to $1,744, while occupancy increased by 130 basis points in the 12 months ending in April. Current economic conditions somewhat dampened transaction activity, but development remained elevated. |
6/28/2022 | Matrix Multifamily Boston Report-June 2022 | Boston’s Rent Growth Rebounds Rent growth picked up in Boston, rising 1.3 percent on a T3 basis through April, to $2,611, while occupancy gained 100 basis points in the 12 months ending in March. On the other hand, deliveries softened, and investment volume totaled $565 million through April. |
6/28/2022 | Matrix Multifamily Denver Report-June 2022 | Investors Keen on Denver Denver’s transaction activity surpassed $1.5 billion, with the price per unit rising 13.7 percent in 2022. On the other hand, rents only rose slightly on a T3 basis. Meanwhile, deliveries maintained a recent softening trend. |
6/28/2022 | Matrix Multifamily Los Angeles Report-June 2022 | L.A. Fundamentals Allow for Improvement Los Angeles started the new year on a strong note, hot off a 2021 when multifamily sales reached $5.2 billion. Rents were up 12.7 percent on a year-over-year basis, gaining ground so that it now only slightly trails the nation after a rough pandemic, while the development pipeline had 30,079 units underway. |
6/28/2022 | Matrix Multifamily Miami Report-June 2022 | South Florida Continues Growth Streak With rents increasing by 24.6 percent year-over-year through April, Miami ranked first nationally in rent performance. The average overall rent was $2,261, well above the national figure. Transaction activity also intensified, with $2 billion in multifamily assets changing hands in the first four months of the year. |
6/28/2022 | Matrix Multifamily Nashville Report-June 2022 | Nashville’s Progress Sustained by Demand Nashville rents rose 0.8 percent on a T3 basis through April, to $1,591, while occupancy stood at 96.4 percent in March, signs of a tight rental market. Meanwhile, transaction volume nearly reached the $1 billion mark, gaining in price per unit on an annual basis. |
6/28/2022 | Matrix Multifamily Phoenix Report-June 2022 | Phoenix Maintains Solid Fundamentals Rent growth in Phoenix moderated to $1,645, rising 0.4 percent on a T3 basis through April, likely affected by robust supply additions, which marked an all-time high in 2021. Through April, completions equated to 0.8 percent of total stock. |
6/28/2022 | Matrix Multifamily Portland Report-June 2022 | Portland Rental Market Delivers Solid Performance Going into summer, Portland rentals are on a sound footing, with rent growth at 0.7 percent on a T3 basis, barely trailing the national figure. Improvement is driven by strong demand, keeping occupancy high and development activity accelerated. |
6/28/2022 | Matrix Multifamily Raleigh Report-June 2022 | North Carolina’s Capital Keeps Steady Pace Raleigh-Durham rents averaged $1,551 in April, with growth on a T3 basis on par with the national rate. Investment volume surpassed $1.1 billion in the first four months of 2022, and after delivering almost 1,700 units, developers are likely to remain busy in the second half of the year. |
6/28/2022 | Matrix Multifamily San Diego Report-June 2022 | Southern California Leader Emerges As a coastal market, San Diego is not just making strides, it’s overperforming. Rents were up a strong 20.8 percent year-over-year, above the U.S. average and considerably above nearby Los Angeles, the Inland Empire and Orange County. Meanwhile, investor interest remains high, and occupancy is improving. |
6/21/2022 | Matrix Multifamily Chicago Report-June 2022 | Chicago Speeds Up Recovery Chicago average rents reached a new high, growing 90 basis points on a trailing three-month (T3) basis through April to $1,659. Transaction volume in the first four months reached $868 million, up 54 percent compared to the same period in 2021, while construction during those four months was almost on par with the entire previous year. |
5/19/2022 | Matrix Multifamily Atlanta Report-May 2022 | Atlanta Gains Units + Jobs Atlanta rents are bolstered by a strengthening job market that expanded 5.8 percent year-over-year. The city’s unemployment rate also returned to pre-pandemic levels. A record number of new units completed last year softened rent growth, up 0.3 percent on a T3 basis through March to $1,673. |
5/19/2022 | Matrix Multifamily Brooklyn Report-May 2022 | Rents and Demand Up in Brooklyn Brooklyn’s multifamily rents recorded a steady pace of growth during the first quarter and exceeded pre-pandemic levels at $3,123 in March. Demand is rebounding, with 2022 potentially a banner year for rental construction; 14,455 units were underway as of March. |
5/19/2022 | Matrix Multifamily Charlotte Report-May 2022 | Charlotte’s Solid First Quarter In the first three months of 2022, Charlotte rents grew by 0.7 percent, on par with the national average. Rents averaged $1,522 in March. With the continued influx of remote workers and occupancy rates above 95.5 percent, Charlotte remains a growth market. |
5/19/2022 | Matrix Multifamily Las Vegas Report-May 2022 | Las Vegas Rents Rise Las Vegas rent improvement continued, with rents rising 0.7 percent on a T3 basis through March to $1,493. Investment is also off to a strong start, with $850 million in assets already trading through the first quarter. Still, the local economy has challenges ahead, despite a 12.6 percent job market expansion over the last year. |
5/19/2022 | Matrix Multifamily Manhattan Report-May 2022 | Manhattan Rentals Regain Interest Following a challenging two years, Manhattan’s rental sector is now improving.. Although the employment market is less hot than the national climate, there are some notable silver linings. 2022’s first three months of property sales already surpassed 2020’s full year total, at just below the $1 billion mark. |
5/19/2022 | Matrix Multifamily Philadelphia Report-May 2022 | Philadelphia Attracts Investors Philadelphia wrapped up a banner 2021 with records for transactions and deliveries and kicked off 2022 on the right foot. Some $250 million in rental assets traded in the first quarter, while the per-unit price nearly doubled. |
5/19/2022 | Matrix Multifamily Queens Report-May 2022 | Queens Jumpstarts the Year Rents in New York City’s largest borough expanded 0.3 percent on a T3 basis through March, to an average of $2,768. Development continued to recover from a pandemic-driven near pause. Activity picked up momentum in 2021, with 1,186 units added to borough inventory. |
5/19/2022 | Matrix Multifamily San Antonio Report-May 2022 | San Antonio Multifamily Solid San Antonio posted healthy fundamentals at the end of the first quarter, with rents rising 0.7 percent on a T3 basis through March, to $1,247, and occupancy at 95.1 percent. The metro’s investment activity remained elevated, with sales volume amounting to $518 million through the first quarter. |
5/19/2022 | Matrix Multifamily St Louis Report-May 2022 | Strong Demand in St. Louis St. Louis had a healthy first quarter, with rents up 0.6 percent on a T3 basis through March to $1,125. Occupancy surpassed the 95 percent mark in February. With healthy demand, investors remained active. Sales volume rose to $304 million in the first quarter, well above the same time last year. |
5/19/2022 | Matrix Multifamily Twin Cities Report-May 2022 | Twin Cities’ Gradual Recovery Rent growth in Minneapolis-St. Paul slowed in the first quarter, marking one of the lower increases among major markets. As of March, the metro’s average rent was $1,433, up 0.2 percent on a T3 basis. Completions also moderated, with only 1,018 units coming online so far this year. |
4/28/2022 | Matrix Multifamily Albuquerque Report-April 2022 | Albuquerque Starts Year at Slow but Steady Pace
Albuquerque rent growth slowed to 0.2 percent on a T3 basis through February, reaching $1,186, while on a year-over-year basis improvement outpaced the national rate at 17.7 percent. Deliveries were sluggish to start the year, with the market notoriously slow to add to its rental stock. |
4/28/2022 | Matrix Multifamily Cleveland Report-April 2022 | Cleveland Construction and Investment Accelerate
Average rents exceeded $1,000 for the first time in Cleveland, as demand pushed growth on a T3 basis to 0.4 percent. The market is also recording solid performance on other fronts, with rental deliveries and sales volume both at decade highs. |
4/28/2022 | Matrix Multifamily Columbus Report-April 2022 | Columbus Rental Recovery Propped Up by Demand
Columbus rents rose 0.6 percent on a T3 basis through February, to $1,147. Transaction activity remained elevated, with $187 million in multifamily assets already traded by the end of February, hot off last year’s new record figure. |
4/28/2022 | Matrix Multifamily Indianapolis Report-April 2022 | Steady Progress for Indianapolis
Indianapolis rents grew 0.8 percent on a T3 basis through February to $1,121. Of the market’s nearly 5,000 units under construction, almost 60 percent are expected to be completed by year’s end. Transaction activity in the market is hot off a new record, as $1.1 billion in rental assets traded in 2021. |
4/28/2022 | Matrix Multifamily Jacksonville Report-April 2022 | Northeast Florida Rental Market Stays Solid
Rents averaged $1,469 in February, with growth on a T3 basis largely on par with the national rate. Investment volume surpassed $321 million in the first two months of the year, while rental deliveries were also off to a good start in 2022. |
4/28/2022 | Matrix Multifamily Knoxville Report-April 2022 | Knoxville Rental Market Solid Across the Board
Knoxville’s multifamily market fundamentals are improving, capitalizing on the long-lasting appeal of the Sun Belt. Knoxville rents rose 1.1 percent on a T3 basis as of February, nearly twice as fast as the U.S. rate of growth, and other performance metrics were also above trend. |
4/28/2022 | Matrix Multifamily Orange County Report-April 2022 | Orange County Fundamentals Rebound
Orange County rents rose 0.9 percent on a T3 basis through February, to $2,614, and occupancy climbed close to the 98 percent mark as of January. Employment growth outperformed the nation for the fifth consecutive month, helping fuel the market’s recovery. |
4/28/2022 | Matrix Multifamily Pittsburgh Report-April 2022 | Pittsburgh Rent Growth Slows but Remains Solid
Rent growth in Pittsburgh was just 0.3 percent on a T3 basis through February, reaching $1,266. Occupancy climbed above 96% in January as the construction pace picked up slightly but population continued to decrease. The employment market is in recovery mode but lags U.S. numbers. |
4/28/2022 | Matrix Multifamily Richmond Report-April 2022 | Richmond Exhibits Steady Growth
Despite a spotty economic recovery, Richmond multifamily is registering a steady comeback. Rents were up 0.4 percent on a T3 basis as of February, not far behind the 0.6 percent U.S. figure. Meanwhile, transactions and development broke new records last year. |
4/28/2022 | Matrix Multifamily Salt Lake City Report-April 2022 | Steady Gains Along the Wasatch Front
Salt Lake City maintained positive momentum, as rents rose 0.9 percent on a T3 basis through February, clocking in at $1,514. Despite the steady performance over the past year, rents are still below the $1,628 U.S. average, fueling in-migration from higher-cost western markets. |
3/31/2022 | Matrix Multifamily Orlando Report-March 2022 | Orlando Outlook: Continued Growth Orlando rents averaged $1,683 in January, up 0.8 percent on a T3 basis. Investment reached a new decade high last year, at $5.7 billion, with deliveries also achieving a historic level. Prospects look bright for this year, as well. |
3/24/2022 | Matrix Multifamily Sacramento Report-March 2022 | California’s Capital Slow to Start 2022 Following a decade of fast-paced improvement, Sacramento rents inched up 0.1 percent on a T3 basis as of January, to an average asking rate of $1,874. The Renter-by-Necessity segment drove the market, leading rent gains, occupancy growth and sales activity. Job growth was slow—up 3.8% YoY through November, trailing the U.S. overall. |
3/24/2022 | Matrix Multifamily San Jose Report-March 2022 | San Jose’s Recovery On Track Rent growth in San Jose cooled off this winter, after a strong rebound during the year’s second half, largely following national trends. The metro’s average rent was $2,832, up 11.3 percent year-over-year and still among the highest asking rents in the U.S. |
3/24/2022 | Matrix Multifamily Austin Report-March 2022 | Economic Improvement Drives Austin As the fastest-growing market in the well-performing state of Texas, Austin maintains strong appeal. The metro’s average asking rent was $1,694 as of January, up 0.6 percent on a T3 basis, leading the state as corporate relocations and expansions continue to create growth in well-paying jobs. |
3/24/2022 | Matrix Multifamily Baltimore Report-March 2022 | Baltimore’s Slow Rents, Fast-Paced Sales Multifamily investment activity doubled year-over-year, achieving record levels in 2021. Meanwhile, deliveries hit a historic low for the metro. Rent growth cooled off during the winter to an overall average of $1,611, with T3 improvement at 0.1 percent as of January. |
3/24/2022 | Matrix Multifamily Dallas Report-March 2022 | Dallas Assets Pique Investor Interest Texas’ overperforming multifamily market was led by the Dallas-Fort Worth Metroplex. The region led all U.S. markets in both deliveries and transactions. With the average rent still well under the national average, at $1,434 as of January, improvement will likely continue. |
3/24/2022 | Matrix Multifamily Detroit Report-March 2022 | Deliveries Double in Detroit Developers completed 2,039 units in 2021, almost doubling 2020. This influx of new supply tempered last summer’s high occupancy rate in stabilized properties, bringing it to 96.9 percent as of December. Rent growth softened during the winter, with the average asking rent of $1,165 leaving plenty of room for improvement. |
3/24/2022 | Matrix Multifamily Houston Report-March 2022 | Houston Fundamentals Improve Following a turbulent decade, the metro posted strong 2021 sales activity, with $10.4 billion in multifamily assets trading. Houston was second among all major markets in inventory expansion, as demand for housing stayed elevated. |
3/24/2022 | Matrix Multifamily Inland Empire Report-March 2022 | Limited Availability in the Inland Empire San Bernardino and Riverside counties’ notoriously low-volume inventory expansion continued in 2021, leading to tight occupancy, at 97.9% as of December. Although the average asking rent was $2,024 as of January, the Inland Empire is still the most affordable major market in Southern California. |
3/24/2022 | Matrix Multifamily Kansas City Report-March 2022 | Kansas City’s Steady Pace Although lacking the breakneck evolution of gateway or Sun Belt cities, Kansas City’s multifamily market continues to show improving fundamentals amid solid economic growth. Rents were up 7.2 percent year-over-year going into 2022, while occupancy rose 120 basis points over 12 months. |
3/2/2022 | Matrix Multifamily Boston Report-February 2022 | Boston Recovery Continues
Limited development in Boston pushed up the occupancy rate to 96.5 percent in November, and asking rents rose 0.7 percent on a T3 basis through December, to $2,514. Last year’s transaction volume marked a new high, nearing $3.2 billion. |
3/2/2022 | Matrix Multifamily Los Angeles Report-February 2022 | L.A. Multifamily Remains Resilient
The Los Angeles multifamily sector performed well in 2021, despite demographic struggles and lagging job recovery. Even so, the metro recorded an average overall asking rent of $2,402 as of December, among the highest asking rents in the nation. |
3/2/2022 | Matrix Multifamily Miami Report-February 2022 | South Florida is a National Standout
Miami rents grew by 23.5 percent year-over-year through December, with the metro ranking third for rent growth nationally. The average rent hit $2,133, while the U.S. rate clocked in at $1,594. Investors traded $7.4 billion in multifamily assets in 2021, a regional record. |
3/2/2022 | Matrix Multifamily Portland Report-February 2022 | Portland Makes Progress
Rent growth in Portland softened to 0.3 percent on a T3 basis through December, reaching $1,635. The job market posted a 6 percent expansion as of October, outperforming the nation by 70 basis points. |
3/2/2022 | Matrix Multifamily Raleigh Report-February 2022 | Triangle Gains Ground
Rents averaged $1,493 in December, with growth on a T3 basis almost on par with the U.S. rate. Investment volume hit an all-time high of $3.4 billion last year, while 5,339 units came online. |
3/2/2022 | Matrix Multifamilly San Diego Report-February 2022 | San Diego Sets Records
Strong demand sustained San Diego’s multifamily market, which paired with limited growth pushed asking rents up 1.1 percent on a T3 basis through December, to $2,370, and brought occupancy close to 98 percent in November. Transaction volume marked an all-time high, surpassing $2.7 billion in 2021. |
3/2/2022 | Matrix Multifamily San Francisco Report-February 2022 | Renters Return to San Francisco
San Francisco’s occupancy rate rose 2 percent in the 12 months ending in November, to 94.6 percent. Meanwhile new inventory marked an all-time high last year as the job market expanded by 5 percent as of October, signaling tailwinds for multifamily ahead. |
3/2/2022 | Matrix Multifamily Seattle Report-February 2022 | Steady Performance in Seattle
Although rent growth was minimal, at 0.1 percent on a T3 basis, Seattle rents remained elevated at $2,328 as of December. Meanwhile, multifamily investment rebounded after a slow 2020, with per-unit prices moving up to an average of $372,476. |
3/2/2022 | Matrix Multifamily Tampa Report-February 2022 | Tampa Investment Levels Up
Tampa’s transaction volume grew in 2021, with $4.6 billion in multifamily investment activity through 12 months. Often a sub-average rental market in the past, Tampa now surpasses national average asking rent with a $1,676 recorded as of December. |
3/2/2022 | Matrix Multifamily Washington DC Report-February 2022 | DC Maintains Performance
Although rent growth decelerated in the fourth quarter, metro D.C. rates advanced 9.7 percent over the last year, with average rents reaching $1,958. Both sales and deliveries were strong. |
1/26/2022 | Matrix Multifamily Atlanta Report-January 2022 | Peachy Times in Atlanta Rent growth in Atlanta softened to 1.2% on a trailing three-month basis through November, to $1,627, surpassing the $1,590 U.S. average. Stock expansion and transaction activity through November have reached new highs in the metro. |
1/26/2022 | Matrix Multifamily Brooklyn Report-January 2022 | Brooklyn’s Woes Wane Although easing slightly, Brooklyn’s multifamily market struggles continued, with its rent growth at 0.7% on a trailing three-month basis as of November. With the eviction moratorium set to end in January 2022, the New York City multifamily market is at something of a crossroads. |
1/26/2022 | Matrix Multifamily Charlotte Report-January 2022 | Charlotte: Recovery in Full Swing Rents averaged $1,464 in November, marking a 1.2% improvement on a trailing three-month basis. Transactions surpassed $3.2 billion, already outperforming 2019’s $3.1 billion cycle peak. More than 18,600 units were under construction, with 2022 total deliveries expected to hit a decade high. |
1/26/2022 | Matrix Multifamily Chicago Report-January 2022 | Chicago’s Recovery Continues Rents averaged $1,689 in November, with growth on a T3 basis at half the U.S. figure. Investments of $2.8 billion nearly double last year’s volume. Nearly 16,500 units were underway, but deliveries hit a five-year low. |
1/26/2022 | Matrix Multifamily Denver Report-January 2022 | Denver – In Growth Mode Rent growth in Denver softened to 0.7% on a trailing three-month basis through November, to $1,786, following six consecutive months of growth above the 1.5% mark. The employment market rose 6.3% in the 12 months ending in September, recording the fourth consecutive month of expansion. |
1/26/2022 | Matrix Multifamily Manhattan Report-January 2022 | Manhattan Market Finds Footing With rent growth significantly rebounding during the year’s second half following a prolonged downward trend, the borough’s average rent was the still the highest among major markets, at $4,172, up 0.8% on a trailing three-month basis. |
1/26/2022 | Matrix Multifamily Nashville Report-January 2022 | Nashville’s Impromptu Performance Rent growth in Nashville moderated to 1.1% on a trailing three-month basis through November, to $1,508, following six consecutive months of growth around the 2.0% mark. The employment market outperformed the nation, and the transaction volume recorded a new high. |
1/26/2022 | Matrix Multifamily Phoenix Report-January 2022 | Phoenix – New Horizons Phoenix rents rose 25.9% on a year-over-year basis through November, to $1,607, leading all major U.S. markets, while the inventory expansion and investment activity marked new peaks. The job market expanded 7.0% in the 12 months ending in September, reaching a full employment recovery. |
1/26/2022 | Matrix Multifamily Queens Report-January 2022 | Queens Recovery Slow to End 2021 The borough’s rent growth ended the year on a brighter note than it started, with growth at 1.0% on a trailing three-month basis as of November. Despite lulls in both construction and sales, the average occupancy rate in stabilized assets stood at 98.0%, up 30 basis points since January 2021. |
1/26/2022 | Matrix Multifamily Twin Cities Report-January 2022 | Twin Cities Carry On Rents averaged $1,425 in November, marking a 0.5% uptick on a T3 basis. Investor appetite reignited as deals totaled $1.2 billion year-to-date through November, nearly 25% above the 2020 total deal volume. More than 18,000 apartments were under construction, with the bulk of them aimed at high-income residents. |
12/31/2021 | Matrix Multifamily Baltimore Report-Fall 2021 | Baltimore’s Steady Recovery
Rents averaged $1,601 in October, up 1.4% on a T3 basis. Multifamily investments hit a record $2.2 billion, nearly 50% higher than last year. Some 4,300 units were under construction, though deliveries are at an historic low. |
12/31/2021 | Matrix Multifamily Detroit Report-Fall 2021 | Detroit’s Gearing for Recovery
Detroit rents rose 1.1% on a trailing three-month basis through October, to $1,157, lagging the 1.5% U.S. rate. The job market rose 8.7% in the 12 months ending in August, posting the fourth consecutive month of expansion. |
12/31/2021 | Matrix Multifamily Houston Report-Fall 2021 | Houston Steps Up the Pace
Rents averaged $1,231, up 1.3% on a T3 basis through October. Some 26,000 units were under construction, with deliveries to hit 17,000 by year-end. Transaction volume through October hit $6.8 billion, already a cycle peak. |
12/31/2021 | Matrix Multifamily Inland Empire Report-Fall 2021 | The Inland Empire Expands
Rents averaged $1,993 in October, a 1.9% increase on a T3 basis. Transactions totaled $1.9 billion, 81.2% higher than last year. Development slowed, with 2,702 units underway and approximately 1,900 units slated to deliver by year-end. |
12/31/2021 | Matrix Multifamily Kansas City Report-Fall 2021 | Kansas City’s Midwestern Recovery
Following a strong summer, Kansas City’s multifamily market is poised to end the year on a solid note, with rent growth at 0.6% on a trailing three-month basis. Following a year-over-year improvement rate of 7.0%, the metro’s overall average rent reached $1,099 as of October. |
12/31/2021 | Matrix Multifamily Las Vegas Report-Fall 2021 | Recovery Well Underway in Vegas
Rent growth in Las Vegas was up 2.6% on a trailing three-month basis through October, to $1,437, well above the 1.5% national rate. The job market ranked first among major metros, expanding by 9.1% in the 12 months ending in August. |
12/31/2021 | Matrix Multifamily Orlando Report-Fall 2021 | Central Florida Steps Up Its Game
Orlando rents averaged $1,640 in October, up 2.5% on a T3 basis. Multifamily investment activity intensified, hitting a decade high of $3.6 billion in the first 10 months of the year, while deliveries also reached a historic high as 9,386 units came online. |
12/31/2021 | Matrix Multifamily Philadelphia Report-Fall 2021 | Philadelphia’s Playing for a Comeback
Metro Philadelphia rents rose 1.2% on a trailing three-month basis as of October, to an above-U.S. average of $1,589. Investment activity in Philadelphia heated up in 2021, with the overall sales volume of the first 10 months of the year already outpacing 2020’s annual total. |
12/31/2021 | Matrix Multifamily Sacramento Report-Fall 2021 | Sacramento Stays Balanced
Sacramento rents rose 1.4% on a trailing three-month basis, to $1,882, while on an annual basis they rose a robust 15.4% increase. The employment market improved by 3.8% in the 12 months ending in August, the third consecutive month of expansion. |
12/31/2021 | Matrix Multifamily San Jose Report-Fall 2021 | San Jose Awaits Big Tech’s Return
San Jose rents rose 1.2% on a trailing three-month basis through October, to $2,816, sustained primarily by demand for Lifestyle units. That demand also boosted occupancy and supply. The employment market rose 2.5% in the 12 months ending in August, the second consecutive month of expansion. |
11/17/2021 | Matrix Multifamily Austin Report-Fall 2021 | Austin – Ongoing Magnetism Austin rents rose 17.7% on a year-over-year basis through September to $1,620, but showed signs of a slowdown on a trailing three-month basis, rising just 2.1%. The employment market expanded by 5.0% in the 12 months ending in July, topping all major markets. |
11/17/2021 | Matrix Multifamily Boston Report-Fall 2021 | Boston Gains Ground Rents averaged $2,462, up 1.6% on a T3 basis through September. More than 17,000 units were under construction, with deliveries expected to hit 8,600 by year-end. Transactions through September totaled $2 billion, more than during all of 2020. |
11/17/2021 | Matrix Multifamily Dallas Report-Fall 2021 | Dallas – Rents Keep on Rising Rent growth in the Metroplex saw a 1.8% increase on a trailing three-month basis through September, reaching $1,388. The employment market expanded by 3.5% in the 12 months ending in July, and transaction volume reached the highest value of the decade. |
11/17/2021 | Matrix Multifamily Los Angeles Report-Fall 2021 | LA Makes Steady Progress As of September, rents rose by 1.1% to $2,328 on a trailing three-month basis, above the $1,558 U.S. average. Year-over-year, rates increased by 7.2%, a welcome improvement among primary markets, where growth is trailing the Southeast and Southwest. |
11/17/2021 | Matrix Multifamily Raleigh Report-Fall 2021 | Raleigh Gea |