{"id":5419,"date":"2023-01-11T09:29:14","date_gmt":"2023-01-11T09:29:14","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5419"},"modified":"2023-09-13T04:41:47","modified_gmt":"2023-09-13T04:41:47","slug":"with-demand-declining-rents-fell-again-in-december","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/with-demand-declining-rents-fell-again-in-december\/","title":{"rendered":"With Demand Declining, Rents Fell Again in December, Says Yardi Matrix"},"content":{"rendered":"

Average U.S. asking rents dropped $4 to $1,715 to close out 2022<\/em><\/p>\n

SANTA BARBARA, Calif., Jan. 11, 2023<\/strong>\u00a0\u2013 Multifamily asking rents recorded historic highs in 2022 but began to move south as the year concluded, recording another $4 drop to a national average $1,715 in December, according to the latest\u00a0Yardi\u00ae Matrix National Multifamily Report.<\/a><\/p>\n

Year-over-year growth declined by 80 basis points to 6.2 percent last month, the lowest level since May 2021.<\/p>\n

Over the year, national asking rents recorded a 6.2 percent uptick, the second-highest annual growth in 100 years after 2021\u2019s nearly 15 percent increase. But as the economy cooled in the fall and demand decreased, rents fell 0.2 percent in December and 0.6 percent in the fourth quarter.<\/p>\n

The single-family rental (SFR) market is also seeing slowing. National asking rates increased 4.8 percent year-over-year in December, which was a decrease of 100 basis points from November. SFR rents dropped by $8 to average $2,083 last month.<\/p>\n

\u201cWith a variety of concerns about the economy and affordability, we expect rent growth in 2023 will be closer to typical levels,\u201d states the latest report.<\/p>\n

In 2023, Yardi Matrix expects asking rents should remain flat or fall slightly through the spring, when growth is normally strongest. Then rents will likely rise moderately, though nowhere near the dramatic levels of the last two years.<\/p>\n

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

Yardi\u00a0Matrix 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\u00a0matrix@yardi.com<\/a>, call (480) 663-1149 or visit\u00a0yardimatrix.com<\/a>\u00a0to learn more.<\/p>\n

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

Yardi\u00ae<\/sup>\u00a0develops 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\u00a0yardi.com<\/a>.<\/p>\n\n\n

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

Average U.S. asking rents dropped $4 to $1,715 to close out 2022 SANTA BARBARA, Calif., Jan. 11, 2023\u00a0\u2013 Multifamily asking rents recorded historic highs in 2022 but began to move south as the year concluded, recording another $4 drop to a national average $1,715 in December, according to the latest\u00a0Yardi\u00ae Matrix National Multifamily Report. Year-over-year […]<\/p>\n","protected":false},"author":753,"featured_media":5420,"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-5419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","tag-multifamily-outlook-2022"],"yoast_head":"\nWith Demand Declining, Rents Fell Again in December, Says Yardi Matrix - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Multifamily asking rents began to move south as the year concluded, recording another $4 drop in December, according to Yardi Matrix data.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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