{"id":5756,"date":"2023-03-17T14:37:49","date_gmt":"2023-03-17T14:37:49","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5756"},"modified":"2023-09-12T19:45:38","modified_gmt":"2023-09-12T19:45:38","slug":"u-s-multifamily-rents-flat-again-in-february","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/u-s-multifamily-rents-flat-again-in-february\/","title":{"rendered":"U.S. Multifamily Rents Flat Again in February, Yardi Matrix Reports"},"content":{"rendered":"

Apartment asking rents averaged $1,702, single family asking rents averaged $2,071<\/em><\/p>\n

SANTA BARBARA, Calif., March 17, 2023<\/strong> \u2013 Multifamily asking rents remained the same for a second straight month in February, at a national average rate of $1,702, according to the new National Multifamily Report<\/a> from Yardi\u00ae Matrix.<\/p>\n

As the economy continues to adjust in the post-pandemic period, year-over-year growth continued its ongoing decline. It is now 4.8 percent nationally, down 70 basis points from the previous month and its lowest level in nearly two years.<\/p>\n

Asking rent growth remains positive year-over-year in almost every major metro, but 23 of Matrix\u2019s top 30 metros recorded negative growth over the last three months and 17 were negative in February.<\/p>\n

\u201cMultifamily rents are playing a waiting game, as rents have essentially leveled over the seasonal winter slowdown,\u201d state Matrix analysts, noting that February has historically recorded minor rent growth gains. \u201cThe big question is whether demand and rents pick up as normal in the spring. Demand has come down from 2021 levels, though it remains positive in most markets.\u201d<\/p>\n

Average U.S. asking rents in the single-family rental market were also flat at $2,071. The year-over-year increase fell by 80 basis points to 3.4 percent, far below the 14.8 percent growth rate a year ago.<\/p>\n

\u201cNear-term performance will hinge not only on demand-supply dynamics at the local level but affordability and the economy,\u201d the report states.<\/p>\n

Gain more insights by downloading February\u2019s 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 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 8,500 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":"

Apartment asking rents averaged $1,702, single family asking rents averaged $2,071 SANTA BARBARA, Calif., March 17, 2023 \u2013 Multifamily asking rents remained the same for a second straight month in February, at a national average rate of $1,702, according to the new National Multifamily Report from Yardi\u00ae Matrix. As the economy continues to adjust in […]<\/p>\n","protected":false},"author":753,"featured_media":5757,"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-5756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","tag-multifamily-outlook-2023"],"yoast_head":"\nU.S. Multifamily Rents Flat Again in February, Yardi Matrix Reports - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Multifamily rents remained the same for a second straight month in February, at a national average rate of $1,702, Yardi Matrix reports.\" \/>\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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