{"id":5511,"date":"2023-02-13T14:31:43","date_gmt":"2023-02-13T14:31:43","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5511"},"modified":"2023-09-12T20:04:27","modified_gmt":"2023-09-12T20:04:27","slug":"multifamily-rents-flat-as-economic-fears-ease","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/multifamily-rents-flat-as-economic-fears-ease\/","title":{"rendered":"Multifamily Rents Flat as Economic Fears Ease, Reports Yardi Matrix"},"content":{"rendered":"

U.S. average asking rents averaged $1,701 in January, unchanged from December<\/em><\/p>\n

SANTA BARBARA, Calif., Feb. 13, 2023<\/strong> \u2013 Multifamily rents were flat in January as a strong jobs report indicated that fears of a significant economic recession may be overblown. U.S. asking rents averaged $1,701, unchanged from the prior month, according to the latest Yardi\u00ae Matrix National Multifamily Report<\/a>.<\/p>\n

Continuing late 2022 patterns, year-over-year growth continues to decline, and is now 5.5 percent, down 70 basis points from December.<\/p>\n

The single-family rental (SFR) market remained strong amid ongoing volatility in home sales. The average U.S. asking rent increased $1 in January to $2,070, while the year-over-year increase fell by 85 basis points to 4.2 percent.<\/p>\n

\u201cParticipants at the late January National Multifamily Housing Council conference in Las Vegas were generally optimistic about demand fundamentals, but concerns centered around issues such as the wave of proposed rent control measures, increasing expenses and high mortgage rates,\u201d say Matrix analysts.<\/p>\n

However, the creation of 517,000 new jobs in January is a significant bright spot and eases fears of an imminent economic downturn. The unemployment rate dropped to 3.4 percent last month and wage growth shows no signs of spiraling.<\/p>\n

\u201cConcerns about a hard-landing recession that would reduce household formation are being alleviated by the continuing stellar performance of the job market,\u201d states the report. Gain more insights by downloading January\u2019s Multifamily Report<\/a>.<\/p>\n

Last year, U.S. multifamily rents increased by 6.4 percent after peaking near 16 percent in 2021, according to Yardi Matrix. Those were record figures, the highest seen in a century. The 2023 Yardi Matrix Multifamily Outlook<\/a> expects that rent growth will be closer to its historical average in 2023.<\/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 matrix@yardi.com<\/a>, call (480) 663-1149 or visit yardimatrix.com<\/a> to learn more.<\/p>\n

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

Yardi\u00ae develops industry-leading software for all types and sizes of real estate companies across the world. With over 8,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com<\/a>.<\/p>\n\n\n

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

U.S. average asking rents averaged $1,701 in January, unchanged from December SANTA BARBARA, Calif., Feb. 13, 2023 \u2013 Multifamily rents were flat in January as a strong jobs report indicated that fears of a significant economic recession may be overblown. U.S. asking rents averaged $1,701, unchanged from the prior month, according to the latest Yardi\u00ae […]<\/p>\n","protected":false},"author":753,"featured_media":5512,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[28,29],"tags":[475],"class_list":["post-5511","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","tag-multifamily-outlook-2023"],"yoast_head":"\nMultifamily Rents Flat as Economic Fears Ease, Reports Yardi Matrix - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Rents were flat in January as a strong jobs report indicated that fears of a significant economic recession may be overblown, Yardi Matrix reports.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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