{"id":5045,"date":"2022-11-16T09:41:11","date_gmt":"2022-11-16T09:41:11","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5045"},"modified":"2023-09-13T05:01:27","modified_gmt":"2023-09-13T05:01:27","slug":"october-rents-up-slightly-but-slowing-year-over-year","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/october-rents-up-slightly-but-slowing-year-over-year\/","title":{"rendered":"October Rents Up Slightly, But Slowing Year-Over-Year, Yardi Matrix Reports"},"content":{"rendered":"\n

U.S. asking rents increased $3 in October to $1,727, annual growth falls dramatically<\/em><\/p>\n\n\n\n

SANTA BARBARA, Calif., Nov. 16, 2022<\/strong> \u2013 Average multifamily asking rents showed a slight increase in October, despite weaker demand and dipping year-over-year (YOY) growth, according to the latest Yardi\u00ae Matrix National Multifamily Report<\/a><\/strong>.<\/p>\n\n\n\n

U.S. asking rents increased $3 in October to $1,727. Year-over-year growth fell to 8.2 percent, the lowest level since the summer of 2021 and down from its 15.3 percent peak in the first quarter.<\/p>\n\n\n\n

The single-family rental market is also cooling from record-level performance. The average U.S. asking rent was unchanged at $2,088 in October, while the YOY increase fell by 160 basis points to 6.6 percent.<\/p>\n\n\n\n

The deceleration in asking rents is gradual, as all of the Matrix top 30 metros produced YOY rent increases. Experts are concerned about how the multifamily market will react to the rapid increase in short-term interest rates as the Federal Reserve attempts to reduce inflation.<\/p>\n\n\n\n

\u201cThe inevitable economic slowdown raises questions about when the impact will start to be felt and how much the sector will be affected,\u201d states the report. \u201cDemand has weakened since the first quarter due to slowing job growth and concerns over the macroeconomic environment. The robust household formation that drove demand in 2021 is no longer in effect.\u201d<\/p>\n\n\n\n

The U.S. rental occupancy rate has dropped 50 basis points over the past year, but the national 95.5 percent rate remains above the long-term average.<\/p>\n\n\n\n

With debt costs higher and still rising, property sales and new construction have begun to slow. However, with home mortgage rates up to 7.3 percent as of early November, first-time homebuyers are being frozen out of the market, according to the National Association of Realtors, and will be more likely to remain in rentals.<\/p>\n\n\n\n

Learn more in the latest Matrix National Multifamily Report.<\/a><\/strong><\/p>\n\n\n\n

Yardi Matrix offers the industry\u2019s 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 matrix@yardi.com<\/a>, call (480) 663-1149 or visit yardimatrix.com<\/a> to learn more.<\/p>\n\n\n\n

About Yardi<\/strong><\/p>\n\n\n\n

Yardi\u00ae<\/sup> develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.com<\/a>.<\/p>\n\n\n\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

U.S. asking rents increased $3 in October to $1,727, annual growth falls dramatically SANTA BARBARA, Calif., Nov. 16, 2022 \u2013 Average multifamily asking rents showed a slight increase in October, despite weaker demand and dipping year-over-year (YOY) growth, according to the latest Yardi\u00ae Matrix National Multifamily Report. U.S. asking rents increased $3 in October to […]<\/p>\n","protected":false},"author":650,"featured_media":5046,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[28,29],"tags":[444],"class_list":["post-5045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","tag-multifamily-outlook-2022"],"yoast_head":"\nOctober Rents Up Slightly, But Slowing Year-Over-Year, Yardi Matrix Reports - Yardi Matrix Blog<\/title>\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\/october-rents-up-slightly-but-slowing-year-over-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"October Rents Up Slightly, But Slowing Year-Over-Year, Yardi Matrix Reports\" \/>\n<meta property=\"og:description\" content=\"U.S. asking rents increased $3 in October to $1,727, annual growth falls dramatically SANTA BARBARA, Calif., Nov. 16, 2022 \u2013 Average multifamily asking rents showed a slight increase in October, despite weaker demand and dipping year-over-year (YOY) growth, according to the latest Yardi\u00ae Matrix National Multifamily Report. 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