{"id":5929,"date":"2023-05-09T13:41:58","date_gmt":"2023-05-09T13:41:58","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5929"},"modified":"2023-09-12T17:09:35","modified_gmt":"2023-09-12T17:09:35","slug":"us-multifamily-rents-up-again-in-april","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/us-multifamily-rents-up-again-in-april\/","title":{"rendered":"U.S. Multifamily Rents Up Again in April, Yardi Matrix Reports"},"content":{"rendered":"

Jumping $5, apartment asking rents averaged $1,709 last month<\/em><\/p>\n

SANTA BARBARA, Calif., May 9, 2023<\/strong> \u2013 Multifamily asking rents rose for the second straight month in April, according to the new National Multifamily Report<\/a> from Yardi\u00ae Matrix.<\/p>\n

Despite economic headwinds, the market continues to demonstrate resilience. The average U.S. asking rent rose $5 in April to $1,709, while year-over-year growth decelerated to 3.2 percent, down 80 basis points from March.<\/p>\n

Solid demand has kept rents rising, but at a slower rate than previous years. Demand is buoyed by a tight job market and healthy household budgets, although economists are scrutinizing how much longer those conditions will persist. A recession is still forecast for later this year.<\/p>\n

\u201cRent growth is broadly positive nationally, but regional differences are emerging. High-demand Sun Belt metros are feeling the impact of reduced affordability and robust deliveries, while primary metros have less supply growth and some benefit from rebounding immigration,\u201d states the new report.<\/p>\n

Multifamily rent gains remain positive year-over-year everywhere but Phoenix and Las Vegas, but the top-performing markets are different each month. In April, Indianapolis (7.7 percent) and Kansas City (6.4 percent) led the top 30 Matrix metros in rent growth, while primary metros New York, Boston and Chicago round out the top five.<\/p>\n

Single-family unit rents also hit a new all-time high in April, averaging $2,089, but year-over-year rates once again decelerated, dropping 60 basis points to 2.3 percent. Occupancy rates decreased in March to 95.5 percent but have stabilized after peaking at 97 percent in 2021.<\/p>\n

Gain more insights by downloading April\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","protected":false},"excerpt":{"rendered":"

Jumping $5, apartment asking rents averaged $1,709 last month SANTA BARBARA, Calif., May 9, 2023 \u2013 Multifamily asking rents rose for the second straight month in April, according to the new National Multifamily Report from Yardi\u00ae Matrix. Despite economic headwinds, the market continues to demonstrate resilience. The average U.S. asking rent rose $5 in April […]<\/p>\n","protected":false},"author":753,"featured_media":5930,"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-5929","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 Up Again in April, Yardi Matrix Reports - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Multifamily rents rose in April, but less than previous years and in line with our forecast deceleration, Yardi Matrix data shows.\" \/>\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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