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Multifamily Rents Dropped $6 in September, Reports Yardi Matrix

Multifamily Rents Dropped $6 in September

Single-family rents also fell for the second straight month, down $4

SANTA BARBARA, Calif., Oct. 11, 2023 – U.S. multifamily asking rents reacted to the pressure of a slowing economy and a heavy delivery pipeline in some markets, dipping by an average of $6 September, according to the latest Yardi® Matrix National Multifamily Report.

The average U.S. asking rent fell $6 to $1,722 during the month, while year-over-year growth was down 60 basis points from August.

Last month marked the first time since the global financial crisis in 2009 when national rents decreased in September. Year-over-year growth fell to 0.8 percent, the lowest number since the pandemic recovery in early 2021.

“Consumers are losing some strength as the post-pandemic boom in household savings dwindles, while millions of households will have to less to spend as they resume paying student loans. Energy prices are rising, and even large-scale strikes could have some impact if they continue at length. Meanwhile, higher interest rates are working their way through the economy,” states the report.

Single-family rents fell for the second straight month, down $4 nationally to $2,104. Year-over-year growth fell 10 basis points to 0.4 percent. Occupancy rates were unchanged at 95.9 percent, a sign that demand continues to be robust.

Market performance remains bifurcated, as the Top 30 rankings are dominated by metros in the Northeast and Midwest. Most of the 14 metros with negative year-over-year growth are located in the Sunbelt or West.

Gain more insight in the new Yardi Matrix National Multifamily Report.

Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, vacant land, industrial, office, retail and self storage property types. Email [email protected], call 480-663-1149 or visit to learn more.

About Yardi

Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit

About the author

Jeff Adler

Jeffrey Adler is Vice President, of Yardi® Matrix, the data division of Yardi Systems.

Yardi® Matrix is a US multifamily, student, office, medical office/lab space, industrial, and self-storage asset information toolset for originating, underwriting, and asset managing commercial real estate investments, with over 800 clients worldwide. Yardi® Matrix provides investment strategy, market and institutional research reports leveraging the underlying property level detail of 135 markets, >92,000 multifamily properties and >18 MM units. Mr. Adler also leads Commercial Property Executive and Multi-Housing News, two digital media websites.

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