{"id":6816,"date":"2024-02-14T14:22:36","date_gmt":"2024-02-14T14:22:36","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6816"},"modified":"2024-02-14T14:22:38","modified_gmt":"2024-02-14T14:22:38","slug":"multifamily-rents-remain-flat-in-january","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/multifamily-rents-remain-flat-in-january\/","title":{"rendered":"Multifamily Rents Remain Flat in January, Reports Yardi Matrix"},"content":{"rendered":"

The average asking rent stood at $1,710 in January<\/em><\/p>\n

SANTA BARBARA, Calif., Feb. 14, 2024<\/strong><\/span> \u2013 The multifamily market was stable at the start of 2024, despite the pressure of a supply boom in some markets, according to the latest Yardi\u00ae Matrix National Multifamily Report<\/a><\/strong>.<\/p>\n

The average U.S. asking rent remained flat at $1,710 in January for a 0.5 percent year-over-year increase, while occupancy decreased 50 basis points year-over-year in December, to 94.6 percent.<\/p>\n

Rent growth remained highest in the Northeast and Midwest, while four of Yardi Matrix\u2019s top 30 metros posted rent declines of three percent or more year-over-year. Occupancy was positive in one market and remained flat in two.<\/p>\n

Rent growth will be impacted by supply in 2024, as Yardi Matrix forecasts a record 540,000 units to be delivered this year, and another 460,000 units in 2025.<\/p>\n

\u201cAnother year of weak growth is expected in 2024 largely due to the rapid increase in deliveries that stems from the sector\u2019s strong performance, high liquidity, and favorable treatment in the 2017 tax bill,\u201d say Matrix analysts.<\/p>\n

New supply is inconsistent across the map, with the highest amounts in fast-growing tertiary and secondary markets, predominantly in the Sunbelt and Western regions. There, rent growth will likely remain tepid. Meanwhile, the weak supply in markets in the Northeast and Midwest is expected to keep rents rising.<\/p>\n

Single-family rentals outperformed multifamily last month, with the average rent up $2 to $2,130 in January, a 1.5 percent year-over-year increase. The occupancy rate in December stood at 95.7 percent, up 10 basis points year-over-year, a sign that demand remained robust.<\/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\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":"

The average asking rent stood at $1,710 in January SANTA BARBARA, Calif., Feb. 14, 2024 \u2013 The multifamily market was stable at the start of 2024, despite the pressure of a supply boom in some markets, according to the latest Yardi\u00ae Matrix National Multifamily Report. The average U.S. asking rent remained flat at $1,710 in […]<\/p>\n","protected":false},"author":753,"featured_media":6817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[28,29],"tags":[511],"class_list":["post-6816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","tag-multifamily-outlook-2024"],"yoast_head":"\nMultifamily Rents Remain Flat in January, Reports Yardi Matrix - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"The average asking rent stood at $1,710 in January, according to the latest Yardi Matrix national multifamily report.\" \/>\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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