{"id":5472,"date":"2023-01-26T11:15:14","date_gmt":"2023-01-26T11:15:14","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5472"},"modified":"2024-03-12T16:28:06","modified_gmt":"2024-03-12T16:28:06","slug":"national-multifamily-market-report-december-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-december-2022\/","title":{"rendered":"National Multifamily Market Report \u2013 December 2022"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/national-multifamily-market-report\/\">National Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<p><i><span data-contrast=\"auto\">The average U.S. multifamily rent rose 6.2% in 2022, the second-highest annual growth this century.\u00a0<\/span><\/i><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h2 aria-level=\"2\"><span data-contrast=\"none\">Report highlights:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h2>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Multifamily rents continued to decrease in December, down $4 to $1,715, representing <a href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-december-2021\/\">a 6.2% year-over-year increase<\/a>.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">In 2023, national rent growth is expected to fall closer to historical levels, conditioned by the demand-supply equation.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Lifestyle rents continued to lead rent depreciation, down 0.3%; Renter-by-Necessity rents fell 0.1% in December.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">The SFR market posted an annual rent increase of 4.8%, to $2,083, which equals a $8 drop from November.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<h2 aria-level=\"2\"><span data-contrast=\"none\">Overall, 2022 Was a Strong Year<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">The year 2022 ended with rent growth closer to \u2018normal\u2019 levels, up 6.2% year-over-year, to $1,715, which is a $4 drop from November. Although this is the lowest level since May 2021, it marks the second-highest annual growth ever, behind only 2021\u2019s massive growth of nearly 15%. Indianapolis maintained the leading spot among Yardi Matrix\u2019s top 30 metros, up 11.4%. All top 30 metros posted positive annual rent growth, but just in Indianapolis (0.4%) and New York (0.3%) rents rose during the fourth quarter. Nationally, asking rents fell 0.6% in the fourth quarter. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The national multifamily market is expected to fall into more traditional metrics in 2023, highly conditioned by the demand-supply balance. Demand is softening, affected by the cooldown in economic growth paired with the depleting household savings and dwindling post-pandemic migration. Meanwhile, more than 400,000 units are slated to come online in 2023. The bulk of deliveries will affect high population growth metros\u2014Austin, Nashville, Charlotte and Orlando\u2014not only in demand ratio but also in rent growth.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h2 aria-level=\"2\"><span data-contrast=\"none\">Lifestyle Rents Continue to Drop Harder Than RBN<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">On a month-over-month basis, the average U.S. asking rent declined 0.2% in December, led by Lifestyle units (-0.3%). Renter-by-Necessity rents slid 0.1%. The average rent decreased by $10 during the quarter. Rent increased only in New York (0.9%), Indianapolis (0.2%) and Houston (0.1%). Furthermore, 28 of the top 30 metros had negative growth in Lifestyle units and 19 posted rent decreases in RBN units. The largest drops were recorded in Boston (-1.1%), Raleigh and the Inland Empire (both -0.9%).\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">National lease renewals slid to 64.9% in October, on a downward trend since the final quarter of 2021. Leading metros were Philadelphia (77.8%) and Baltimore, and bottom-ranking metros were San Francisco (48.5%) and Los Angeles (49.3%). Meanwhile, renewal rents rose 11.8% year-over-year through October, up 30 basis points from September. This shows that property owners aim to bring rents of existing tenants closer to asking rents. However, with asking rents having turned negative since November, October\u2019s renewal rate might mark the peak of growth. Miami (19.2%), Tampa (18.9%) and Orlando (16.6%) topped the ranking.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h2 aria-level=\"2\"><span data-contrast=\"none\">Competition Increasing in the Single-Family Built-to-Rent Industry<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">The asking rent for SFRs increase 4.8% year-over-year in December, to $2,083, down 100 basis points from November. Occupancy decreased 1.4% year-over-year through November but remained unchanged at 95.8%.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The rising mortgage rates dispersed the volume of homebuyers, and some owners turned their listings from sale to rental, adding to the competitive stock for SFRs. John Burns Real Estate Consulting reports that 9% of U.S. home sellers have made this switch in November, with the highest rates of sellers doing so located in the Southwest (17%), Florida (15%) and the Northwest (14%).\u00a0<\/span><\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3335-MatrixMultifamilyNationalReport-December2022\">Matrix Multifamily National Report-December 2022<\/a><\/p>\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The average U.S. multifamily rent rose 6.2% in 2022, the second-highest annual growth this century.\u00a0\u00a0 Report highlights:\u00a0 Multifamily rents continued to decrease in December, down $4 to $1,715, representing a 6.2% year-over-year increase.\u00a0\u00a0 In 2023, national rent growth is expected to fall closer to historical levels, conditioned by the demand-supply equation.\u00a0 Lifestyle rents continued to [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5482,"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-5472","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 December 2022 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Asking rent growth recorded its second best year this century in 2022, though it finished the year on the downside, Yardi Matrix reports.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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