{"id":6012,"date":"2023-06-19T07:56:50","date_gmt":"2023-06-19T07:56:50","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6012"},"modified":"2023-09-12T16:59:14","modified_gmt":"2023-09-12T16:59:14","slug":"us-multifamily-rents-rise-again-in-may","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/us-multifamily-rents-rise-again-in-may\/","title":{"rendered":"U.S. Multifamily Rents Rise Again in May, Yardi Matrix Reports"},"content":{"rendered":"

Jumping $7, apartment asking rents averaged $1,716 last month<\/em><\/p>\n

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

Despite the threat of a slowing economy looming, average U.S. asking rent rose $7 in May to $1,716, while year-over-year growth decelerated to 2.6 percent. That was the lowest level since March 2021.<\/p>\n

For the year to date, rents are up $18, or one percent since January 1. The seasonal outline of growth is not far off a typical pre-pandemic year, although the rate of increase is lower.<\/p>\n

\u201cWhile performance displays resilience, the data is not unambiguously positive as it has been for most of the last two years,\u201d states the report. \u201cRent growth has turned negative year-over-year in several metros as occupancy rates weaken amid slackening demand and rapid growth in new deliveries.\u201d<\/p>\n

Overall market attitudes remain positive. Renting is still cheaper than owning, and first-time buyers are renting longer. The stickiness of high-income renters likely contributes to the recent resurgence in high-end Lifestyle properties, in which rents rose 0.4 percent in May.<\/p>\n

The average single-family unit rent reached $2,100 for the first time in May, about a year after topping the $2,000 mark. Year-over-year growth fell 40 basis points to 2.1 percent. SFRs are boosted by waning home sales attributed to high interest rates and limited inventory.<\/p>\n

Gain more insights by downloading May\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 $7, apartment asking rents averaged $1,716 last month SANTA BARBARA, Calif., June xx, 2023 \u2013 Multifamily asking rents rose for the third straight month in May, according to the latest National Multifamily Report from Yardi\u00ae Matrix. Despite the threat of a slowing economy looming, average U.S. asking rent rose $7 in May to $1,716, […]<\/p>\n","protected":false},"author":753,"featured_media":6013,"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-6012","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 Rise Again in May, Yardi Matrix Reports - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Jumping $7, apartment asking rents averaged $1,716 last month, according to the latest Yardi Matrix national multifamily report.\" \/>\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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