{"id":5052,"date":"2022-11-18T14:40:26","date_gmt":"2022-11-18T14:40:26","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5052"},"modified":"2023-09-13T04:55:58","modified_gmt":"2023-09-13T04:55:58","slug":"national-multifamily-market-report-october-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-october-2022\/","title":{"rendered":"National Multifamily Market Report \u2013 October 2022"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>Rent Growth Deceleration Continues as RBN Segment Still Grows<\/strong><\/h2>\n\n\n\n<p><em><strong>Annual rent growth fell to the lowest level since the summer of 2021.<\/strong><\/em><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Report highlights:<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Rent growth continues to decelerate at the start of the final quarter of 2022; the average asking rent gained $3 in October, to $1,727, an <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-october-2021\/\">8.2% year-over-year increase<\/a><\/strong>.<\/li>\n\n\n\n<li>The national occupancy rate in stabilized assets dropped another 50 basis points, to 95.5% in September.<\/li>\n\n\n\n<li>Rent growth is sustained exclusively by the Renter-by-Necessity segment (up 0.4%); Lifestyle rents remained unchanged.<\/li>\n\n\n\n<li>Rent growth in the SFR market is also decelerating\u2014up 6.6% year-over-year in October, to $2,088; occupancy stood at 96.1% in September, following a 130 basis-point decrease.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Interest rates hikes moderate rent growth<\/h4>\n\n\n\n<p>Rent growth continued to soften, rising 8.2% year-over-year through October, 130 basis points below the September rate. This constitutes a $3 uptick, to $1,727. Of Yardi Matrix\u2019s top 30 metros, 25 had recorded year-over-year rent growth of 5% or more, while the top-ranking metros posted still double-digit rent increases\u2014Indianapolis (11.8%), Orlando (11.6%), Miami (11.4%), San Jose (10.6%) and Dallas (10.5%).<\/p>\n\n\n\n<p>Rapid growth in interest rates continues to dampen demand, slowing investment and construction activities. However, another effect of the rise in interest rates means that potential first-time homebuyers are being kept in rentals, maintaining multifamily activity.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Renter-by-Necessity segment sustains rent growth; Lease renewals slide<\/h4>\n\n\n\n<p>On a monthly basis, the average U.S. asking rent rose 0.2% in October, thanks to a 40-basis-point increase of the average rent in the Renter-by-Necessity segment. Lifestyle rents remained flat. Overall, leading metros in month-over-month rent growth were New York (0.8%), Indianapolis (0.7%), Kansas City (0.6%) and Portland (0.5%). Of Yardi Matrix\u2019s top 30 metros, 16 registered contractions in the Lifestyle category, led by Las Vegas (-0.8%), Sacramento (0.6%) and the Inland Empire (-0.5%), and four metros saw contraction in the Renter-by-Necessity segment.<\/p>\n\n\n\n<p>National lease renewals continued to slide from the 68.0% peak in the fourth quarter of 2021, to 60.2% in September, which points to weakening demand and decreasing affordability levels. Leading ranks were Philadelphia (73.8%), Kansas City (67.9%) and Baltimore (66.9%), and lowest ranking metros were Los Angeles (41.6%), San Francisco (43.1%), San Jose (43.9%) and Seattle (50.2%). Meanwhile, renewal rents increased 10.9% year-over-year through September, 10 basis points below the August rate. These too are expected to moderate, as renewal rents are rising faster than overall rent growth.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Single-Family Built-to-Rent segment softens<\/h4>\n\n\n\n<p>The asking rent for the single-family rental sector rose 6.6% year-over-year through October, to $2,088, 120 basis points drop from September. The occupancy rate was also down 130 basis points year-over-year in September, but remained above the 96% mark.<\/p>\n\n\n\n<p>SFRs will likely benefit from the recent commotion in the housing market, as with mortgage rents above 7%, many prospective homebuyers will be forced to remain in the rental markets. According to a National Association of Realtors survey, first-time homebuyers accounted for just 26% of all home sales in the year ending in June.<\/p>\n\n\n\n<p><em>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3066-MatrixMultifamilyNationalReport-October2022\">Matrix Multifamily National Report-October 2022<\/a><\/strong><\/em><\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Rent Growth Deceleration Continues as RBN Segment Still Grows Annual rent growth fell to the lowest level since the summer of 2021. Report highlights: Interest rates hikes moderate rent growth Rent growth continued to soften, rising 8.2% year-over-year through October, 130 basis points below the September rate. This constitutes a $3 uptick, to $1,727. Of [&hellip;]<\/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":[5,13,4],"tags":[444],"class_list":["post-5052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-multifamily-market","category-national-reports","category-real-estate-trends","tag-multifamily-outlook-2022"],"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 \u2013 October 2022 - 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\/national-multifamily-market-report-october-2022\/\" \/>\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 \u2013 October 2022\" \/>\n<meta property=\"og:description\" content=\"Rent Growth Deceleration Continues as RBN Segment Still Grows Annual rent growth fell to the lowest level since the summer of 2021. Report highlights: Interest rates hikes moderate rent growth Rent growth continued to soften, rising 8.2% year-over-year through October, 130 basis points below the September rate. This constitutes a $3 uptick, to $1,727. Of [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-october-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-18T14:40:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T04:55:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/11\/Matrix_NationalReport_Multifamily_1200x628_Oct2022_Blog_Image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\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 \u2013 October 2022 - Yardi Matrix Blog","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-october-2022\/","og_locale":"en_US","og_type":"article","og_title":"National Multifamily Market Report \u2013 October 2022","og_description":"Rent Growth Deceleration Continues as RBN Segment Still Grows Annual rent growth fell to the lowest level since the summer of 2021. Report highlights: Interest rates hikes moderate rent growth Rent growth continued to soften, rising 8.2% year-over-year through October, 130 basis points below the September rate. This constitutes a $3 uptick, to $1,727. Of [&hellip;]","og_url":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-october-2022\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2022-11-18T14:40:26+00:00","article_modified_time":"2023-09-13T04:55:58+00:00","og_image":[{"width":1200,"height":630,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/11\/Matrix_NationalReport_Multifamily_1200x628_Oct2022_Blog_Image.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-october-2022\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-october-2022\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"National Multifamily Market Report \u2013 October 2022","datePublished":"2022-11-18T14:40:26+00:00","dateModified":"2023-09-13T04:55:58+00:00","mainEntityOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-october-2022\/"},"wordCount":453,"commentCount":0,"publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-october-2022\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/11\/Matrix_NationalReport_Multifamily_1200x628_Oct2022_Blog_Image.jpg","keywords":["Multifamily Outlook 2022"],"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-october-2022\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-october-2022\/","url":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-october-2022\/","name":"National Multifamily Market Report \u2013 October 2022 - Yardi Matrix Blog","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-october-2022\/#primaryimage"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-october-2022\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/11\/Matrix_NationalReport_Multifamily_1200x628_Oct2022_Blog_Image.jpg","datePublished":"2022-11-18T14:40:26+00:00","dateModified":"2023-09-13T04:55:58+00:00","breadcrumb":{"@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-october-2022\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-october-2022\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-october-2022\/#primaryimage","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/11\/Matrix_NationalReport_Multifamily_1200x628_Oct2022_Blog_Image.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/11\/Matrix_NationalReport_Multifamily_1200x628_Oct2022_Blog_Image.jpg","width":1200,"height":630,"caption":"National Multifamily Market Report \u2013 October 2022"},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-october-2022\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardimatrix.com\/blog\/"},{"@type":"ListItem","position":2,"name":"National Multifamily Market Report \u2013 October 2022"}]},{"@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\/2022\/11\/Matrix_NationalReport_Multifamily_1200x628_Oct2022_Blog_Image.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/5052","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=5052"}],"version-history":[{"count":3,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/5052\/revisions"}],"predecessor-version":[{"id":6316,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/5052\/revisions\/6316"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/5046"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=5052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=5052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=5052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}