{"id":2624,"date":"2021-12-17T12:36:17","date_gmt":"2021-12-17T12:36:17","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=2624"},"modified":"2023-09-21T11:09:00","modified_gmt":"2023-09-21T11:09:00","slug":"national-multifamily-market-report-november-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2021\/","title":{"rendered":"National Multifamily Market Report (November 2021)"},"content":{"rendered":"<h2>Multifamily Rent Growth Takes Much Anticipated (Temporary) Respite<\/h2>\n<h4>Report Highlights<\/h4>\n<ul>\n<li>National asking rents rise 13.5% year-over-year; on a month-over-month basis rents finally slide on a softening trend, advancing just 0.3%.<\/li>\n<li>Occupancy maintains at 96.1% in October; nearly 590,000 units absorbed through October, a new record high.<\/li>\n<li>Lifestyle rents maintain lead over Renter-by-Necessity segment.<\/li>\n<li>Rents for single-family rentals rise 14.3% year-over-year, occupancy moderates to 0.6%.<\/li>\n<\/ul>\n<h4>Multifamily Fundamentals Continue Healthy\u2014Rents &amp; Occupancy Rise; Occupancy Remains Above 96%<\/h4>\n<p>The long-awaited softening trend has surfaced in November, with rents continuing to rise, albeit at a slower pace:<a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1371-MatrixMultifamilyNationalReport-November2021\"><strong> The U.S. average rent rose 13.5% year-over-year through November<\/strong><\/a>, which translates to an increase of just $4 to $1,590, which comes at the heels of a $23 month-over-month increase in October. Occupancy maintained its value at 96.1% in October, following another 1.4% year-over-year uptick, which means that nearly 590,000 units over absorbed during the period.<\/p>\n<p>While prevalent in Southeast and Southwest markets, rent growth was consistent across the map, with <strong>25 of Yardi Matrix\u2019s top 30 metros posting rent increases of 10.0% or more<\/strong>, and in 16 rent growth topped the national average. Phoenix (25.9%), Tampa (24.4%) and Miami (23.3%) remained leaders in rent growth. San Francisco (5.4%) and the Twin Cities (5.6%) occupied the bottom positions of the ranking. Lifestyle rents (up 15.8% year-over-year) continued to outperform the Renter-by-Necessity units (10.9%) and posted the strongest performance in less expensive markets in the South and Southwest.<\/p>\n<h4>The Pandemic Requires a New Formula for Rent Growth Forecasting<\/h4>\n<p>During this not-so-normal-year, the typical predictors of rent growth\u2014job growth and supply\u2014are skewed: Of the 16 metros that had asking rents higher than the year-over-year national average, in only seven six-month employment growth topped the average of the top 30, only five had below-average supply growth and only four had year-over-year occupancy growth above the 1.4% national average. Specifically, Phoenix and Las Vegas, both with rent growth above the 22% annual threshold, saw weak occupancy increase; Miami and Orlando, also with asking rents of more than 22%, posted large volumes of new deliveries and average job growth figures.<\/p>\n<p>Meanwhile, eight of the 13 metros with year-over-year occupancy growth above the national average posted slower rent growth, among them gateway markets Chicago (2.9% occupancy growth) and New York (2.8%).<\/p>\n<h4>Rent Growth\u2019s Outrageous Climb Finally Softens; a Type of Seasonal Pattern Emerges<\/h4>\n<p>On a month-over-month basis, <strong>November marked the first decline in asking rent growth<\/strong>, up by just 0.3%, a 120-basis-point deceleration from October: Lifestyle rents rose 0.1%, trailing the 0.4% rate recorded in the Renter-by-Necessity segment. Even so, the rate marks the largest rent improvement in November since before the Great Recession, as typically, rent growth flattens this time of the year.<\/p>\n<p>A dozen metros recorded rent declines, led by Seattle (-0.8%) and San Jose, San Francisco and Denver (all -0.9%). Only in Raleigh and Miami rent growth stood at 1.0%. Nashville posted a paradoxical performance, leading the top 30 metros in Renter-by-Necessity rents at 1.8%, and trailing in Lifestyle rents at -1.3%.<\/p>\n<h4>Demand for Single-Family Rentals Remains Robust; Texas Maintains Leadership in Occupancy Gains<\/h4>\n<p><strong>Single-family asking rents rose 14.3% year-over-year through October<\/strong>, maintaining lead over the multifamily sector. Miami (40.4%). Tampa (38.2%) and Phoenix (23.9%) remained in the leading ranks, while the bottom spots were taken by Kansas City (6.4%), Seattle (6.5%) and San Antonio (6.8%). Despite trailing all metros, the latter was among the leaders in occupancy growth, up 6.7%, alongside Houston (up 8.2%). Austin maintained the 3.3% rate in occupancy.<\/p>\n<p><strong>The<a href=\"https:\/\/www.yardimatrix.com\/blog\/rapid-growth-in-store-for-build-to-rent-sfrs\/\"> SFR housing niche<\/a> will likely continue to grow<\/strong>, boosted by the elevated home prices (up by nearly 20% year-over-year nationally), and the pandemic-induced lifestyle, especially for those families that seek the perks associated with detached housing, but who don\u2019t want to or cannot commit to the financial weight of a mortgage. Moreover, there is an increasing number of investors placing their funds in buying homes to rent or building communities of SFR homes.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1371-MatrixMultifamilyNationalReport-November2021\"><strong>Matrix Multifamily National Report-November 2021<\/strong><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Multifamily Rent Growth Takes Much Anticipated (Temporary) Respite Report Highlights National asking rents rise 13.5% year-over-year; on a month-over-month basis rents finally slide on a softening trend, advancing just 0.3%. Occupancy maintains at 96.1% in October; nearly 590,000 units absorbed through October, a new record high. Lifestyle rents maintain lead over Renter-by-Necessity segment. Rents for [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":2625,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,13,4],"tags":[221],"class_list":["post-2624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-multifamily-market","category-national-reports","category-real-estate-trends","tag-multifamily-outlook-2021"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>National Multifamily Market Report (November 2021) - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"National asking rents rise 13.5% year-over-year; on a month-over-month basis rents finally slide on a softening trend, advancing just 0.3%.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"National Multifamily Market Report (November 2021)\" \/>\n<meta property=\"og:description\" content=\"National asking rents rise 13.5% year-over-year; on a month-over-month basis rents finally slide on a softening trend, advancing just 0.3%.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-17T12:36:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-21T11:09:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/12\/Matrix-MF-National-November-iStock-1306232271.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anca Gagiuc\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"National Multifamily Market Report (November 2021) - Yardi Matrix Blog","description":"National asking rents rise 13.5% year-over-year; on a month-over-month basis rents finally slide on a softening trend, advancing just 0.3%.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2021\/","og_locale":"en_US","og_type":"article","og_title":"National Multifamily Market Report (November 2021)","og_description":"National asking rents rise 13.5% year-over-year; on a month-over-month basis rents finally slide on a softening trend, advancing just 0.3%.","og_url":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2021\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2021-12-17T12:36:17+00:00","article_modified_time":"2023-09-21T11:09:00+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/12\/Matrix-MF-National-November-iStock-1306232271.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Anca Gagiuc","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2021\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2021\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"National Multifamily Market Report (November 2021)","datePublished":"2021-12-17T12:36:17+00:00","dateModified":"2023-09-21T11:09:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2021\/"},"wordCount":625,"commentCount":0,"publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2021\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/12\/Matrix-MF-National-November-iStock-1306232271.jpg","keywords":["Multifamily Outlook 2021"],"articleSection":["Multifamily Market","National Reports","Real Estate Trends"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2021\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2021\/","url":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2021\/","name":"National Multifamily Market Report (November 2021) - Yardi Matrix Blog","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2021\/#primaryimage"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2021\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/12\/Matrix-MF-National-November-iStock-1306232271.jpg","datePublished":"2021-12-17T12:36:17+00:00","dateModified":"2023-09-21T11:09:00+00:00","description":"National asking rents rise 13.5% year-over-year; on a month-over-month basis rents finally slide on a softening trend, advancing just 0.3%.","breadcrumb":{"@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2021\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2021\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2021\/#primaryimage","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/12\/Matrix-MF-National-November-iStock-1306232271.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/12\/Matrix-MF-National-November-iStock-1306232271.jpg","width":1200,"height":628,"caption":"Image by benedek\/iStockphoto.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2021\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardimatrix.com\/blog\/"},{"@type":"ListItem","position":2,"name":"National Multifamily Market Report (November 2021)"}]},{"@type":"WebSite","@id":"https:\/\/www.yardimatrix.com\/blog\/#website","url":"https:\/\/www.yardimatrix.com\/blog\/","name":"Yardi Matrix Blog","description":"Stay current with the latest commercial real estate market trends and forecasts","publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.yardimatrix.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.yardimatrix.com\/blog\/#organization","name":"Yardi Matrix","url":"https:\/\/www.yardimatrix.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","width":200,"height":39,"caption":"Yardi Matrix"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/yardi-matrix\/","https:\/\/www.youtube.com\/channel\/UCRHgAZL4YoyeNEdiRN5uj0g"]},{"@type":"Person","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0","name":"lilianam","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/45984043e497a4c112cc391ba1c7376592e14880c782c889d4abfed0aeefa8ad?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/45984043e497a4c112cc391ba1c7376592e14880c782c889d4abfed0aeefa8ad?s=96&d=mm&r=g","caption":"lilianam"},"url":""}]}},"jetpack_featured_media_url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/12\/Matrix-MF-National-November-iStock-1306232271.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/2624","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/users\/650"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/comments?post=2624"}],"version-history":[{"count":4,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/2624\/revisions"}],"predecessor-version":[{"id":3002,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/2624\/revisions\/3002"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/2625"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=2624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=2624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=2624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}