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U.S. Multifamily Rents Rise Again in May, Yardi Matrix Reports

U.S. Multifamily Rents Rise Again in May

Jumping $7, apartment asking rents averaged $1,716 last month

SANTA BARBARA, Calif., June xx, 2023 – Multifamily asking rents rose for the third straight month in May, according to the latest National Multifamily Report from Yardi® Matrix.

Despite the threat of a slowing economy looming, average U.S. asking rent rose $7 in May to $1,716, while year-over-year growth decelerated to 2.6 percent. That was the lowest level since March 2021.

For the year to date, rents are up $18, or one percent since January 1. The seasonal outline of growth is not far off a typical pre-pandemic year, although the rate of increase is lower.

“While performance displays resilience, the data is not unambiguously positive as it has been for most of the last two years,” states the report. “Rent growth has turned negative year-over-year in several metros as occupancy rates weaken amid slackening demand and rapid growth in new deliveries.”

Overall market attitudes remain positive. Renting is still cheaper than owning, and first-time buyers are renting longer. The stickiness of high-income renters likely contributes to the recent resurgence in high-end Lifestyle properties, in which rents rose 0.4 percent in May.

The average single-family unit rent reached $2,100 for the first time in May, about a year after topping the $2,000 mark. Year-over-year growth fell 40 basis points to 2.1 percent. SFRs are boosted by waning home sales attributed to high interest rates and limited inventory.

Gain more insights by downloading May’s 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, industrial, office 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 8,500 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

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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