{"id":6702,"date":"2024-01-10T15:00:07","date_gmt":"2024-01-10T15:00:07","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6702"},"modified":"2024-03-11T14:47:47","modified_gmt":"2024-03-11T14:47:47","slug":"national-multifamily-market-report-december-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-december-2023\/","title":{"rendered":"National Multifamily Market Report \u2013 December 2023"},"content":{"rendered":"\n

Read the latest Yardi Matrix National Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n

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Rents fall for the fifth straight month, down $4 to $1,709 in December; rent growth ends the year at 0.3%.<\/em><\/p>\n

Report highlights:<\/h2>\n
    \n
  • Year-over-year rent growth stood at 0.3% in December; absorption totals 285,000 units in 2023 through November.<\/li>\n
  • Despite the slowdown, demand remained healthy, sustained by household formation, strong job market and rebounding immigration.<\/li>\n
  • Rents declined across property segments\u2014Lifestyle down 0.2%, Renter-by-Necessity slid 0.1%.<\/li>\n
  • Single-family rents increased 1.2% year-over-year in December, to $2,123.<\/li>\n<\/ul>\n

    Rents continue downfall, economy sustains demand<\/h2>\n

    The average U.S. multifamily asking rent ended 2023 with a 0.3% increase year-over-year to $1,709 in December, declining for the fifth consecutive month, down $4 from November<\/strong><\/a>. The annual rent performance was the weakest since 2010, excluding the 0.1% gain registered in pandemic year 2020. Yet, while rent growth is likely to remain tepid in the near term, demand endures sustained by household formation, strong job market and immigration. Net immigration has increased by more than 1 million annually in the last two years and is projected to maintain level in the coming years. Absorption volume was in line with recent years when rent increased substantially, staying healthy across the U.S., including in markets with high supply volumes such as Austin, Orlando, Phoenix, Dallas and Nashville.<\/p>\n