{"id":5937,"date":"2023-05-15T13:36:18","date_gmt":"2023-05-15T13:36:18","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5937"},"modified":"2023-09-12T17:06:36","modified_gmt":"2023-09-12T17:06:36","slug":"multifamily-trends","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/multifamily-trends\/","title":{"rendered":"Multifamily Trends"},"content":{"rendered":"<p><em>Yardi Matrix Webinar Recap<\/em><\/p>\n<p>The U.S. multifamily sector faces complex challenges as the pandemic fades to a memory and a recession continues to loom for the U.S. economy. Yardi Matrix vice president Jeff Adler dove deep into the market outlook and tough realities for operators during Thursday\u2019s webinar. <strong><a class=\"Hyperlink SCXW257754516 BCX0\" href=\"https:\/\/www.yardimatrix.com\/News-Events\/Webinars\/Webinar\/multifamily-national-outlook-spring-2023--47\" target=\"_blank\" rel=\"noopener\">A full recording and presentation slides are available online.<\/a><\/strong><\/p>\n<p>Current trendlines Matrix analysts have observed include:<\/p>\n<ul>\n<li>Multifamily fundamentals are generally strong, but continue to decelerate year-over-year<\/li>\n<li>A seasonal uptick in rents is ongoing and was reflected in reported data from March and April<\/li>\n<li>There is ongoing demand for renter-by-necessity communities, which have little new supply coming online<\/li>\n<li>Hybrid work has tilted household budgets towards housing expenses, rather than transportation<\/li>\n<li>A supply shortage in the U.S. housing market is likely to be ongoing for the next 5-10 years<\/li>\n<li>Inflation and interest rates continue to hamper transaction activity and will continue to do so for the near term<\/li>\n<\/ul>\n<p>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. (Gain more insights by <strong><a href=\"http:\/\/www.yardimatrix.com\/publications\/download\/file\/3792-MatrixMultifamilyNationalReport-April2023?signup=false\" target=\"_blank\" rel=\"noopener\">downloading April\u2019s Multifamily Report<\/a><\/strong>.)<\/p>\n<p>\u201cFundamentals have been pretty good, and we expected the deceleration (in rent growth). But there is a seasonal uptick happening &#8211; we did see that in April,\u201d Adler said. \u201cAffordability is still a key concern, the political will to truly resolve the issue does not seem to be in evidence.\u201d<\/p>\n<p>Consistent job growth and household formation over the last two years have continued to drive renter demand, despite lease renewal rates generally returning to pre-pandemic levels. In some cases, renters are seeking creative alternatives to hard-to-find housing, such as co-living situations, using short term rentals as permanent homes, or even subletting vacation rentals. But these aren\u2019t long-term solutions, and ultimately new housing development will have to be the answer.<\/p>\n<p>\u201cIt&#8217;s important to note the historic increase in rents that occurred in 2021. There was a need for wages to catch up. But when we look at the cost of housing to buy, it is still way more expensive compared to renting. Renting is still a viable and preferable economical alternative, including single family rentals and built-to-rent homes,\u201d Adler said.<\/p>\n<p>In conjunction with a slowdown in construction financing due to banking sector instability, the upshot is that the supply shortage for multifamily housing will be exacerbated, potentially lasting up to a decade unless government bodies change their tune. If you\u2019re looking for investment windows despite those challenges, be sure to <a href=\"https:\/\/www.yardimatrix.com\/News-Events\/Webinars\/Webinar\/multifamily-national-outlook-spring-2023--47\" rel=\"\"><strong>review the webinar recording<\/strong><\/a>, which offers insight into target opportunity areas.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yardi Matrix Webinar Recap The U.S. multifamily sector faces complex challenges as the pandemic fades to a memory and a recession continues to loom for the U.S. economy. Yardi Matrix vice president Jeff Adler dove deep into the market outlook and tough realities for operators during Thursday\u2019s webinar. A full recording and presentation slides are [&hellip;]<\/p>\n","protected":false},"author":413,"featured_media":5938,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,4],"tags":[475],"class_list":["post-5937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2023"],"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>Multifamily Trends - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Yardi Matrix vice president Jeff Adler dove deep into the market outlook and tough realities for operators during May\u2019s webinar.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/multifamily-trends\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Multifamily Trends\" \/>\n<meta property=\"og:description\" content=\"Yardi Matrix vice president Jeff Adler dove deep into the market outlook and tough realities for operators during May\u2019s webinar.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/multifamily-trends\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-15T13:36:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-12T17:06:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/05\/Matrix_Webinar_MF_Spring2023_Social_Recap.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Leah Etling\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Leah Etling\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Multifamily Trends - 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