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Run of Rent Gains Ends in August, Reports Yardi Matrix

Following six consecutive months of gains, national advertised asking rents slide

Following six consecutive months of gains, national advertised asking rents slide

SANTA BARBARA, Calif., September 04, 2024 – The slowing economy, seasonality and high volumes of deliveries dampened advertised asking rent growth in August, according to the latest Yardi® Matrix National Multifamily Report.

Following six months of steady growth, the average U.S. advertised asking rent fell $1 in August to $1,741, with the year-over-year (YoY) growth rate unchanged at 0.8 percent. Occupancy remained flat at 94.7 percent in July, down 0.3 percent YoY.

Gateway markets in the East and secondary markets in the Midwest remained leaders in rent growth, led by New York City (4.8 percent YoY), Kansas City (4.1 percent) and Washington, D.C. (3.4 percent). Rent declines were highest in Austin (-5.5 percent), Raleigh (-3.4 percent) and Phoenix (-2.9 percent).

Single family rental (SFR) advertised asking rents fell $7 in August to $2,164, while YoY gains dropped 40 basis points to 0.7 percent. Overall, SFR advertised asking rents gained $14 year-to-date and $513, or 31 percent, since March 2020.

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, affordable housing, student housing, vacant land, industrial, office, retail and self storage property types. Email [email protected], call 480-663-1149 or visit yardimatrix.com to learn more.

About Yardi

Celebrating its 40-year anniversary in 2024, Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,500 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 yardi.com.

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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