Reports and Materials

Forecasts and Reviews
Publish Date  
5/10/2023Q2 2023 Multifamily Supply Forecast Notes 
5/10/2023Q2 2023 Self Storage Supply Forecast Notes 
4/28/2023Matrix Multifamily Rent Forecast Update-April 2023Asking rents increase through Q1

Multifamily asking rents went up slightly during the first quarter, but significantly less than pre-pandemic standards. Growth has been highest in lower-cost Renter-by-Necessity assets, and midsize Midwest and Northeast markets are outperforming.

1/24/2023Matrix Bulletin-Multifamily Forecast-January 2023Rent growth continues to moderate

The national rent growth forecast for 2023 was revised downward again, largely driven by the downward revision of some large markets that have an outsize effect on the average, including Eastern Los Angeles County, Miami, the South Bay Area, Tampa and Manhattan.

12/22/2022Matrix Bulletin-Multifamily Forecast-December 2022Non-Seasonal Rent Decreases on the Horizon

Yardi Matrix rent growth forecasts were revised downward for year-end 2022 and 2023 amid falling asking rates and a slowing economy. However, some secondary and tertiary markets continue to outperform expectations.

11/30/2022Matrix Bulletin-Multifamily Forecast-November 2022Year to End Strong for Multifamily

Multifamily rent growth continued to decelerate in October, but much of that can be explained by typical seasonality. With consumer spending up, a tight labor market and favorable multifamily fundamentals fueling demand, Yardi Matrix forecasts a strong end to the year for rent and occupancy.

10/20/2022Matrix Bulletin-Multifamily Forecast-October 2022Multifamily rents cooling with the economy

Most multifamily markets are showing decelerating rents, and it is becoming increasingly likely that we will be in a recession within the next year. As a result, we have revised our multifamily forecasts downward over the short-term.

8/19/2022Matrix Bulletin-Multifamily Forecast-July 2022Multifamily Outlook Still Strong Despite Decelerating Growth

July marked a significant slowdown in rent appreciation, but that is seasonally typical. Supply and demand fundamentals remain favorable for multifamily, marked by a strong job market, higher mortgage rates and an undersupply of apartments across the country. As a result, rent growth will remain solid through the end of the year.

7/4/2022Matrix Bulletin-Multifamily Forecast-June 2022Despite turbulence, multifamily poised for a strong year

Forty-year-high inflation is forcing the Fed to move quickly in raising interest rates, but the job market remains very strong. While the chance of a recession in the next 18 months has increased, we still see a less than 50% chance of that happening. Strong demographics and limited supply will keep apartment rent growth strong throughout the year.

2/17/2022Multifamily Rent Forecast Update 
12/20/2021Matrix Bulletin-Multifamily Forecast-December 2021Multifamily Poised for Strong Rent Growth in 2022

Rent growth slowed somewhat in November but remains historically high as we approach the new year. And it is not the only area with notable increase. Though Omicron actually seems unlikely to cause severe disruptions, inflation is focusing all eyes on the Fed to guide the economy to a soft landing.

10/15/2021Multifamily Rent Forecast Update - OctoberMonthly multifamily rent forecast update

Rent growth is beginning to abate and is expected to return to more familiar territory next year. However, uncertainty persists due to a clogged supply chain, weaker-than-expected jobs growth and other pandemic-induced maladies.

8/5/2021Multifamily Rent Forecast Update - July 2021Monthly multifamily rent forecast update

Rent increases in higher-end buildings drives another month of record growth, but high volatility is expected to persist in the short term. However, upward pressure on lower-end wages should provide strong support for continued rent increases for workforce housing across markets.

6/30/2021Multifamily Rent Forecast Update - June 2021Multifamily rents rebound

Record-setting month-over-month rent increases in some markets seem likely to continue until fall. The gateway cities, which have been slower to recover, are showing signs of life again and should see rent growth acceleration into 2022. Mounting concerns of an extended inflationary period threaten to pump the brakes on a white-hot recovery.

Matrix Research Bulletins
Publish Date  
5/8/2023Multifamily Affordability and Market ResponsesA review of the housing affordability crisis with an overview of market and public policy responses.
3/3/2023Matrix Research Bulletin-Property Insurance-February 2023Insurance Rates Soar Where Climate Risk Abounds

Climate-related payouts have pushed many insurers to the brink, prompting insurance rates to jump for properties in states such as Florida and Texas. Exorbitant rate increases may lead to an increase in delinquencies and have prompted calls for reform of insurance requirements set by lenders.

3/1/2023Matrix Research Bulletin-Self Storage Transactions-February 2023Despite Strong Demand, Self Storage Trades May Cool

Strong investor demand propelled self-storage transaction activity to its second-highest year ever in 2022. Market fundamentals and investor interest remain favorable, but the direction of deal flow in 2023 will depend on rising capital costs and pricing uncertainty.

2/15/2023Matrix Research Bulletin-Multifamily Transactions-February 2023When Will Sagging Multifamily Sales Rebound?

Multifamily property sales continued to shift toward secondary tech markets in 2022, as volume waned in the fourth quarter due to rising acquisition yields and pricing uncertainty. This bulletin examines the prospect for deal flow in 2023 and what needs to happen for market activity to return.

9/7/2022Matrix Bulletin-RVBoat Storage-August 2022RV/Boat Storage Embodies Emerging Niche

Supply of new storage facilities for recreational vehicles and boats has failed to meet demand, as post-pandemic sales of the “adult toys” have reached record highs. Yardi Matrix’s first-of-its-kind database of RV/boat storage facilities demonstrates the segment’s outsize potential for rapid growth.

8/2/2022Matrix Bulletin-SFR Sector-July 2022Rate Hikes Alter Institutions’ SFR Strategies

The recent increase in interest rates is forcing institutions to reassess growth strategies in the single-family rental market. Institutions have allocated tens of billions of dollars to the sector in recent years. Growth in the near future, however, may be concentrated on build-to-rent projects, which are being delivered at record levels.

6/9/2022Matrix-Bulletin-Pandemic Impact on Multifamily-June 2022Will Multifamily Demand Drivers Continue to Be Disrupted?

Traditional drivers of multifamily rent growth were upended during the pandemic, first as shelter-in-place policies led to massive job losses and migration, and then as the employment rebound and loosening of restrictions caused demand to skyrocket. What are the implications for multifamily going forward?

5/25/2022Matrix Bulletin-Repeat Multifamily Trading-May 2022 
4/25/2022Matrix Bulletin-Multifamily Forecast-April 2022Multifamily Well-Positioned to Withstand Obstacles in 2022

The Federal Reserve will aggressively raise interest rates through the remainder of the year, but an extraordinarily tight labor market should provide protection from a deep recession. The war in Ukraine threatens to further exacerbate some supply-chain challenges and could keep energy and food prices at elevated levels, but fundamental supply and demand forces in multifamily will keep the sector strong.

3/8/2022Matrix Bulletin-RVBoat Storage-March 2022Yardi Unveils New RV/Boat Storage Database

Americans are buying recreational vehicles and boats at record levels, in part due to trends exacerbated by the pandemic. That’s creating a surge in demand for storage facilities that focus on servicing large vehicles. Yardi Matrix, the leading provider of data for the self storage industry, has stepped into the breach with the first national database of RV/boat exclusive storage facilities.

11/30/2021Matrix Bulletin-Mezzanine Debt-November 2021First Study of High-Yield Debt Evaluates Performance

Usage of high-yield debt has increased in recent years, despite limited historical data and the high rate of defaults on mezzanine loans in the wake of the global financial crisis. A first-ever study of high-yield debt provides a glimpse into the sector’s performance and some insights for the real estate market going forward.

11/3/2021Matrix Bulletin-Absorption Paper-October 2021Gateway Metros Bounce Back Amid Apartment Demand Boom

White-hot demand for housing across the country pushed multifamily absorption to an annual high just three quarters into 2021, according to Yardi Matrix data. The news is particularly good for gateway metros, which had negative absorption in 2020 due to the pandemic but have posted the highest absorption numbers so far in 2021.

9/28/2021Matrix Bulletin-Industrial Demand Paper-September 2021No Letup in Sight for Industrial Demand

Demand for industrial real estate has been transformed by the e-commerce revolution and growth in consumer spending. Total stock has jumped in recent years, while an unprecedented amount of new supply is in the pipeline. Will the key drivers of demand continue to support this growth, and what metros will see the biggest impact?

7/22/2021Matrix Bulletin-SFR Sector-July 2021New Yardi Matrix data tracks growing SFR sector

The COVID-19 pandemic has boosted demand for single-family rentals, prompting institutions to commit billions of dollars to the sector. Many institutions are finding SFR investments to be most efficient in large communities and are increasingly building their own. This paper highlights SFRs’ scope and property performance, collected by Yardi Matrix on more than 80,000 units.

7/22/2021BOMA Impact Study Phase 2 Full ReportBOMA International Q2 2021 Nationwide COVID-19 Impact Study

The Q2 2021 BOMA International COVID-19 Commercial Real Estate Impact Study reveals that optimism around the return to the office is growing, mediated by tenants’ increasing clarity around the new normal of office and remote work practices. This is the second in a series of studies commissioned by BOMA International, underwritten by Yardi and developed by Brightline Strategies.

7/16/2021Matrix Bulletin-ESG Report-July 2021Yardi Matrix study ranks metros by environmental risk

Environmental risk has been pushed to the forefront of commercial real estate by the growing number of weather disasters and concerns about climate change. Which markets pose the most risk to property owners? To find out, Yardi Matrix created a scorecard that grades metros on environmental factors and government response.

6/29/2021Matrix Bulletin-Office Analysis-June 2021Offices face more empty space post-pandemic

COVID-19 has transformed the office market, with empty spaces growing as companies implement flexible work schedules. Growing sublease space and shrinking demand have increased the U.S. vacancy rate by 240 basis points since April 2020, according to a new analysis by Yardi Matrix. What’s more, vacancy rates could rise significantly higher, depending on how companies handle return to work.

6/17/2021Matrix Bulletin-Pandemic Rent Growth vs Educational Attainment-June 2021How remote work changes asking rents

Multifamily rent growth was impacted as the pandemic forced work from home across many different industries. How soon will rents recover? This report evaluates the role of higher education in predicting market-specific rent growth prospects as the nation emerges from COVID-19.

4/21/2021Matrix Bulletin-Occupancy Paper-April 2021Multifamily’s quick pandemic recovery has exceptions

Multifamily performance has rebounded quickly from the pandemic slowdown, with the exception of properties in urban gateway metro submarkets. According to a study of 78,000 properties in Yardi Matrix’s database, large occupancy declines in the last year have been concentrated in a handful of cities that may take years to recover.

3/3/2021Matrix Bulletin-Absorption Paper-March 2021Multifamily Absorption Surprisingly Strong in 2020

Absorption of multifamily properties topped 250,000 units in 2020, an unexpectedly robust showing given the impact of COVID-19. Fast-growing secondary metros such as Dallas, Atlanta and Denver saw the highest absorption, while growth was negative in high-cost coastal metros. Although the industry faces challenges in 2021, the durability of demand is a good sign moving forward.

2/9/2021Matrix Bulletin-Office Transactions-January 2021Office investors take wait-and-see approach

U.S. office property sales were heavily impacted by the COVID-19 fallout in 2020, dropping by nearly half year-over-year to $56.1 billion. However, the short-term loss of sales is likely just the beginning of the pandemic’s lasting impact on the office sector. There are numerous questions about future work-from-home trends and corporate office space needs, with the answers uncertain for now. Investors are watching closely to see where the sector lands.

2/1/2021Matrix Multifamily Concessions Bulletin-January 2021Concessions’ Rise and Fall Point to Market Reset

Multifamily concessions rose sharply in the spring and fall of 2020 as multifamily demand waned due to job losses and social distancing measures. The impact was felt most in high-cost gateway markets, while secondary and tertiary markets benefited from the shift in demand. Concessions declined in the fourth quarter, raising possibilities that demand is recovering or rents are being reset.

1/18/2021Matrix Self Storage Bulletin-January 2021Self Storage’s Recovering Transaction Activity

Uncertainty caused self storage investment activity to stall during 2020’s second quarter, as’ with other commercial property types. The disruption appears to have been short-lived, however, as storage transactions began picking up again in the second half of the year.

12/17/2020BOMA YARDI Covid19 Commercial ImpactWhile COVID-19 continues to be a disruptive force for the office sector and its occupiers, the perceived value of the office as a key ingredient of business success remains strong. That is one of the major takeaways from a groundbreaking, nationwide study of more than 3,000 U.S. office space decision-makers commissioned by BOMA International, underwritten by Yardi and developed by Brightline Strategies.
12/17/2020Matrix Bulletin-Multifamily Transactions-December 2020Multifamily Transactions Down, but Set to Rebound

After record multifamily transaction volume in 2019, sales plunged in 2020 due to COVID-19. The impact, however, wasn’t felt evenly across the country. A new white paper from Yardi Matrix looks at how sales activity changed, which regions were affected the most, and how investor demand will impact pricing and sales volume going forward.

12/1/2020BOMA COVID-19 Impact Study Executive SummaryBOMA COVID-19 Impact Study Executive Summary
11/23/2020Matrix Bulletin-Employment-November 2020COVID Job Losses: All Things Not Equal

Job losses during COVID-19 have varied greatly by metro. An analysis by Yardi Matrix found that metros with large tourism concentrations and high-cost Gateway metros fared the worst, while growing Sun Belt and Midwest markets lost the fewest jobs. However, the numbers provide hope for struggling markets to recover post-pandemic.

10/9/2020Matrix Student Housing Bulletin-October 2020How Is Student Housing Holding Up Amidst the Changing Academic Environment?
10/6/2020How Durable Is Multifamily DemandApartment demand rebounded in the third quarter in many metros, a good sign for the industry after a weak first half that was caused in large part by the fallout from COVID-19.
9/11/2020Matrix CMBS Bulletin-September 2020Matrix CMBS Bulletin-September 2020
8/19/2020Matrix Covid-19 MethodologyMatrix Covid-19 Methodology
8/17/2020Matrix Bulletin-Distress Properties-August 2020Matrix Bulletin-Distress Properties-August 2020
7/3/2020COVID-19 - A Game Changer for MultifamilyThe COVID-19 pandemic ended years of healthy multifamily fundamentals. Will the industry’s pain be short-lived or the start of a new trend that is less favorable for the sector
5/25/2020Employment Research Bulletin - May 2020Employment losses caused by the COVID-19 pandemic have been unevenly spread across the economy. Yardi Matrix studied which metros have the highest concentration of jobs in finance, professional and technical services, and government—sectors that have lost the lowest proportion of jobs.
4/8/2020Employment Research Bulletin - April 2020April Employment Research Bulletin - Which Metros Have the Most Employment Risk?
3/6/2020Matrix Bulletin-Multifamily Regional Trends-March 2020Matrix Bulletin-Multifamily Regional Trends-March 2020
1/22/2020Matrix Research Bulletin - Debt Funds - January 2020Matrix Research Bulletin - Debt Funds - January 2020
1/3/2020Rent Control - December 2019Matrix Bulletin - Rent Control - December 2019
11/1/2019Matrix Bulletin Coworking-October2019Matrix Bulletin Coworking-October2019
10/16/2019Matrix Bulletin-NABE Roundup 2019Matrix Bulletin-NABE Roundup 2019
10/1/2019Matrix Bulletin ULI Hipsturbia-September 2019Matrix Bulletin ULI Hipsturbia-September 2019
10/1/2019Matrix Bulletin GSE Reform-October 2019Matrix Bulletin GSE Reform-October 2019
8/14/2019Opportunity Zones and Affordable HousingOpportunity Zones and Affordable Housing: Perfect Together? (PDF)
8/1/2019Migratory PatternsMigratory Patterns: U.S. Population Flying South and West (PDF)
7/24/2019New York Rent ControlNew York Rent Control: Paved With Good Intentions
3/13/2019Big Opportunity for Investors Mar 2019The Big Opportunity for Investors in Opportunity Zones
3/5/2019The Rise of Debt FundsGrowing debt funds and non-traditional lending sources impact on commercial mortgage landscape
12/12/2018Shared Space Special ReportShared Space : Disrupting The Traditional Office
11/30/2018Loan Originations Wane Despite DemandLoan Originations Wane Despite Demand for Apartments and Office
10/31/2018Timing of the Next Downturn and What it Means For Commercial Real EstateTick,Tock: Timing of the Next Downturn and What it Means For Commercial Real Estate
9/25/2018Tax Break Creates New Frontiers of OpportunityDefer or avoid capital gains taxes by reinvesting in Opportunity Zones
7/31/2018Banks Eat More of the Commercial Mortgage PieRegional/Local Banks Eat More of the Commercial Mortgage Pie: When is Enough?
6/12/2018Matrix-Multifamily-Demand-Jun-2018US Multifamily Supply and Demand Forecast by Metro
5/25/2018Stability Encumbers CMBS MarketStability Encumbers CMBS Market
5/23/2018Multifamily Market UpdateToday’s Multifamily: A Game for Sharpshooters
4/24/2018As Interest Rates RiseAs Interest Rates Rise, Where Do Valuations and Transaction Volumes Go?
3/14/2018March 2018 NABE ConferenceEconomists See Clouds in the Silver Lining
3/13/2018Why Multifamily Rents Are DeceleratingIt’s the Occupancy: Why Multifamily Rents Are Decelerating
2/26/2018Multifamily Sectors Response to Natural DisastersFlood and Fire: The Multifamily Sector’s Response to Natural Disasters
2/6/2018Shared Space Special Report Feb 2018Shared Space: Coworking’s Rising Star
1/18/2018January 2018 Research BulletinContinued growth of commercial real estate industry and capital markets
12/11/2017CRE Market Has Mezzanine-Loan IndexAt long last, the CRE Market has a Mezzanine-Loan Index
11/29/2017Multifamily Research Bulletin - Nov 2017Multifamily deliveries slow as worker scarcity increases construction times
10/24/2017Matrix Viewpoint Research Bulletin - Oct 2017Yardi Matrix Viewpoint October 2017
10/10/2017Economic Consensus Research Bulletin - Sep 2017Economic Consensus Masks Uncertainties
9/11/2017Hurricane Harvey Special Report (PDF)Hurricane Harvey: Impact on Houston's Multifamily Market and Economy
8/4/2017Retail Mall Research Bulletin - Aug 2017Uncertainty About Retailers Curtails Mall Deal Activity
8/4/2017Newark Research Bulletin - Aug 2017Newark Dreams to Join Ranks of Destination Cities
6/9/2017CMBS Research Bulletin - Jun 2017CMBS Walks a Fine Line in 2017
5/24/2017Retail Research Bulletin - Spr 2017Retail Scuffles, But All Is Not Lost
4/20/2017Industrial Research Bulletin - Apr 2017Typically a Turtle, Industrial Could Be Real Estate’s New Hare
4/20/2017Fix Lending Rules Research Bulletin - Apr 2017Trade Groups in Effort to Fix Bank Lending Rules
3/30/2017Self-Storage Introduction (PDF)Self-Storage key features and market coverage, March 2017
3/22/2017NABE Regulatory Research Bulletin - Mar 2017NABE Special Report: Regulatory Enforcement in the Trump Era