{"id":6649,"date":"2023-12-11T14:32:11","date_gmt":"2023-12-11T14:32:11","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6649"},"modified":"2023-12-11T14:33:02","modified_gmt":"2023-12-11T14:33:02","slug":"multifamily-rents-trend-down-in-november","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/multifamily-rents-trend-down-in-november\/","title":{"rendered":"Multifamily Rents Trend Down in November, Reports Yardi Matrix"},"content":{"rendered":"

Rents fell for the third consecutive month<\/em>\u00a0to a national average $1,713<\/em><\/p>\n

SANTA BARBARA, Calif.,<\/strong> Dec. 11, 2023 \u2013 National multifamily asking rent decreased for the third consecutive month in November, according to the latest Yardi\u00ae Matrix National Multifamily Report<\/a>.<\/p>\n

The average U.S. asking rent fell $6 to $1,713 in November, with year-over-year growth at 0.4 percent, on par with September. Occupancy remained steady at 94.9 percent since August.<\/p>\n

Metros in the Northeast and Midwest remained in the lead for rent growth, while Sunbelt and West metros lagged. More so, seven of Yardi Matrix\u2019s top 30 markets were down 3.0 percent or more year-over-year, with the most significant rent declines registered in Sunbelt metros where developers delivered new supply in volume.<\/p>\n

\u201cOne could say the multifamily market is metaphorically hunkering down for the winter as property owners face the prospect of weak near-term rent growth due to inflation, the loosening job market and a surge in deliveries in some markets, while values and capital markets liquidity deteriorate as interest rates remain higher-for-longer,\u201d states the report.<\/p>\n

Although rent growth was restrained in the middle of the last quarter of 2023, it posted a 23.5 percent increase since the start of the pandemic in March 2020. The current slowdown resulted from stock expansion in some areas and stretched affordability in other areas. Planned deliveries over the next two years will likely create some balance.<\/p>\n

Rents contracted across asset classes, steeper in the Lifestyle segment (down 0.4 percent) than in the Renter-by-Necessity segment (down 0.2 percent). Overall, monthly rent growth was negative in 25 of Yardi Matrix\u2019s top 30 metros.<\/p>\n

Single-family rents fell $8 in November to $2,115, for a 0.7 percent year-over-year increase, down 30 basis points from October. Rent growth was solely sustained by the RBN segment, up 3.2 percent year-over-year, while Lifestyle rents declined 0.1 percent during the interval.<\/p>\n

Gain more insight in the new\u00a0Yardi Matrix National Multifamily Report<\/a>.<\/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\u00a0matrix@yardi.com<\/a>, call 480-663-1149 or visit\u00a0yardimatrix.com<\/a>\u00a0to 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 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\u00a0yardi.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Rents fell for the third consecutive month\u00a0to a national average $1,713 SANTA BARBARA, Calif., Dec. 11, 2023 \u2013 National multifamily asking rent decreased for the third consecutive month in November, according to the latest Yardi\u00ae Matrix National Multifamily Report. The average U.S. asking rent fell $6 to $1,713 in November, with year-over-year growth at 0.4 […]<\/p>\n","protected":false},"author":753,"featured_media":6650,"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-6649","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 Trend Down in November, Reports Yardi Matrix - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Multifamily rents trend down in November for the third consecutive month,\u00a0to an average of $1,713, according to Yardi Matrix data.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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