{"id":6758,"date":"2024-02-05T12:38:23","date_gmt":"2024-02-05T12:38:23","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6758"},"modified":"2024-02-05T12:38:25","modified_gmt":"2024-02-05T12:38:25","slug":"overall-lower-national-multifamily-rent-growth-in-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/overall-lower-national-multifamily-rent-growth-in-2024\/","title":{"rendered":"Yardi Matrix Projects Overall Lower National Multifamily Rent Growth in 2024"},"content":{"rendered":"

Record new supply expected to tamp down rent appreciation<\/em><\/p>\n

SANTA BARBARA, Calif., Jan. 05, 2024 <\/strong>\u2014 A large amount of multifamily housing supply coming online is expected to suppress national average asking rent growth this year, according to a new special report<\/a> from Yardi\u00ae Matrix.<\/p>\n

While national average asking rents grew by 1.6 percent in 2023, the new supply will serve to depress rent appreciation this year \u201cin many of the markets that saw explosive growth during the pandemic.\u201d Some markets could end the year with slight negative growth. Stronger growth is anticipated in the working-class Renter-by-Necessity segment, as most of the new supply comprises upscale Lifestyle units, the report adds.<\/p>\n

Pandemic rent growth boomtowns including Las Vegas; Boise, Idaho; Phoenix; and Austin, Texas, saw the largest rent declines in 2023. Medium-size cities with large universities such as Madison, Wis., Knoxville, Tenn., and Syracuse, N.Y., were among the top performers.<\/p>\n

Another key story in 2024 is the continued compression in the spread between in-place rents and asking rents. Most markets still have a large gap between the two, but it will \u201ccontinue to shrink as asking rent increases remain muted in the near term,\u201d according to the report, which also predicts that the national economy will \u201cslow significantly for two or three quarters.\u201d<\/p>\n

The large volume of supply slated to come online in 2024 will take time to be completely absorbed. Afterwards, rent growth will return to the typical 3 to 4 percent annual increase in asking rents. Read Matrix’s analysis in the new Multifamily Rent Forecast Update<\/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 yardimatrix.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":"

Record new supply expected to tamp down rent appreciation SANTA BARBARA, Calif., Jan. 05, 2024 \u2014 A large amount of multifamily housing supply coming online is expected to suppress national average asking rent growth this year, according to a new special report from Yardi\u00ae Matrix. While national average asking rents grew by 1.6 percent in […]<\/p>\n","protected":false},"author":753,"featured_media":6759,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[28,29],"tags":[511,388],"class_list":["post-6758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","tag-multifamily-outlook-2024","tag-single-family-rental-sector"],"yoast_head":"\nYardi Matrix Projects Overall Lower National Multifamily Rent Growth in 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Record new supply is expected to tamp down rent appreciation this year, according to a new Yardi Matrix research bulletin.\" \/>\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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