{"id":6086,"date":"2023-07-20T11:30:27","date_gmt":"2023-07-20T11:30:27","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6086"},"modified":"2023-09-12T15:43:41","modified_gmt":"2023-09-12T15:43:41","slug":"compared-to-2022-multifamily-rents-continue-to-slide","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/compared-to-2022-multifamily-rents-continue-to-slide\/","title":{"rendered":"Compared to 2022, Multifamily Rents Continue to Slide, Reports Yardi Matrix"},"content":{"rendered":"

However, national average apartment rent increased last month to $1,726<\/em><\/p>\n

SANTA BARBARA, Calif., July 20, 2023<\/strong> \u2013 Multifamily asking rents grew another $7 last month, on average, but year-over-year growth fell to 1.8 percent, according to the latest Yardi Matrix National Multifamily Report<\/a>. That\u2019s down 70 basis points from May.<\/p>\n

Rents are buoyed by ongoing strong demand for units. Though down from the 2021 highs, occupancy rates are steady at 95 percent. The average asking rent was $1,726 in June.<\/p>\n

\u201cRents are growing within a normal seasonal pattern, albeit well below the post-pandemic boom and even below pre-pandemic trends,\u201d say analysts. Rents were up $20, or 1.2 percent, in the second quarter, and are up $23, or 1.4 percent, during the first half of 2023.<\/p>\n

Single-family rental rates increased $5 in June to $2,103, while year-over-year growth fell 80 basis points to 1.3 percent.<\/p>\n

\u201cDemand has remained strong, driven by the job market, which added 1.5 million jobs during the first half of 2023, and weak home sales, which are presenting a challenge to first-time home buyers,\u201d states the report.<\/p>\n

A growing number of metros are now posting negative growth year-over-year, states the report. Nine of the 30 metros tracked by Matrix were negative in June, mostly in the Sun Belt and West, where demand has reverted to normal as new supply comes online. This month\u2019s report includes an updated list of metros that will be of interest to multifamily investors, owners and managers.<\/p>\n

Gain more insight in the new Yardi Matrix National 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":"

However, national average apartment rent increased last month to $1,726 SANTA BARBARA, Calif., July 20, 2023 \u2013 Multifamily asking rents grew another $7 last month, on average, but year-over-year growth fell to 1.8 percent, according to the latest Yardi Matrix National Multifamily Report. That\u2019s down 70 basis points from May. Rents are buoyed by ongoing […]<\/p>\n","protected":false},"author":753,"featured_media":6087,"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-6086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","tag-multifamily-outlook-2023"],"yoast_head":"\nCompared to 2022, Multifamily Rents Continue to Slide, Reports Yardi Matrix - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Multifamily asking rents grew another $7 last month, on average, but year-over-year growth fell to 1.8%, 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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