{"id":6582,"date":"2023-11-15T15:33:36","date_gmt":"2023-11-15T15:33:36","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6582"},"modified":"2023-11-15T15:33:38","modified_gmt":"2023-11-15T15:33:38","slug":"multifamily-rents-fall-again-in-october","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/multifamily-rents-fall-again-in-october\/","title":{"rendered":"Multifamily Rents Fall Again in October, Reports Yardi Matrix"},"content":{"rendered":"

Rents fell for the second consecutive month to a national average $1,718<\/em><\/strong><\/p>\n

SANTA BARBARA, Calif., Nov. 15, 2023<\/strong> \u2013 Multifamily fundamentals continued to soften and impact rents last month, according to the latest Yardi\u00ae<\/sup> Matrix National Multifamily Report<\/a>.<\/p>\n

The average U.S. asking rent dropped $3 to $1,718 in October, with year-over-year growth moderating to 0.4 percent, down 40 basis points from September. Occupancy slid to 94.9 percent, marking the first decline in four months.<\/p>\n

Rent growth turned negative in 14 of Yardi Matrix\u2019s top 30 metros, and most of these markets, particularly in the Sun Belt, are impacted by a recent influx of supply and rapid rent increases over the past two and a half years.<\/p>\n

Even though rents dropped for the second consecutive month, demand and absorption continue at levels consistent with pre-pandemic years. During the first three quarters of 2023, more than 250,000 units were absorbed nationally, in line with the 300,000-plus units absorbed annually between 2017 and 2020.<\/p>\n

\u201cWhile the economy continues to produce solid results, market attention is focusing on the seeming inevitability of slowing job growth and the capital markets conundrum of higher interest rates. The longer rates stay in the 4.5 percent to 5 percent range (or higher), the more multifamily properties will face capital gaps when loans come up for refinancing,\u201d states the report.<\/p>\n

Asking rents declined in the Lifestyle property segment, down 0.4 percent in October, while Renter-by-Necessity rents remained flat.<\/p>\n

Single family rental rates<\/a> fell $2 in October to $2,121, up 1.0 percent year-over-year, down 30 basis points from September. Operators are focusing on reducing operating costs, as expenses rose 12.2 percent on a trailing 12-month basis through September.<\/p>\n

Gain more insight in the new\u00a0Yardi Matrix National Multifamily Report<\/a>.<\/strong><\/p>\n

Yardi Matrix 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, vacant land, industrial, office, retail and self storage property types. Email matrix@yardi.com<\/a>, call 480-663-1149<\/a> or visit yardimatrix.com<\/a> to learn more.<\/p>\n

About Yardi<\/strong><\/p>\n

Yardi\u00ae<\/sup> develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,000 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":"

Rents fell for the second consecutive month to a national average $1,718 SANTA BARBARA, Calif., Nov. 15, 2023 \u2013 Multifamily fundamentals continued to soften and impact rents last month, according to the latest Yardi\u00ae Matrix National Multifamily Report. The average U.S. asking rent dropped $3 to $1,718 in October, with year-over-year growth moderating to 0.4 […]<\/p>\n","protected":false},"author":748,"featured_media":6583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[28,29],"tags":[475,388],"class_list":["post-6582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","tag-multifamily-outlook-2023","tag-single-family-rental-sector"],"yoast_head":"\nMultifamily Rents Fall Again in October, Reports Yardi Matrix - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Rents fell for the second consecutive month to a national average $1,718\" \/>\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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