{"id":6986,"date":"2024-03-01T12:54:49","date_gmt":"2024-03-01T12:54:49","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6986"},"modified":"2024-03-05T13:06:37","modified_gmt":"2024-03-05T13:06:37","slug":"job-gains-boost-2024-multifamily-national-rent-forecast","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/job-gains-boost-2024-multifamily-national-rent-forecast\/","title":{"rendered":"Job Gains Boost Yardi Matrix\u2019 National Rent Forecast for 2024"},"content":{"rendered":"

SANTA BARBARA, Calif., Mar. 01, 2024<\/strong> \u2013 Multifamily asking rents broke the five-month streak of sequential average declines in January, rising 0.07 percent, shows a new special report<\/a><\/strong> from Yardi\u00ae Matrix.<\/p>\n

Of the 142 markets tracked, last month \u00a061 posted declines, 71 marked increases and 10 remained flat. Largest increases continued to occur in midsize cities in the Northeast and South, including in White Plains, NY; Buffalo, NY; Birmingham, AL; Worcester-Springfield, MA; and Columbus, GA. The largest decreases were consistent in Western markets and Florida.<\/p>\n

On a national level, by asset class, rents in the Renter-by-Necessity (RBN) segment rose 0.08 percent, outperforming Lifestyle (0.04 percent). The strongest performers in RBN rents, with MoM growth of over 1 percent, were 11 midsize cities in the South and Northeast and four markets in the West.<\/p>\n

In the Lifestyle segment, 14 markets posted MoM growth greater than 1 percent, 10 of which were in the South or Midwest and four scattered far from Northeast\u2014Honolulu, the Inland Empire, Miami and the Central Coast.<\/p>\n

\u201cOverall performance in asking rents in January was remarkably strong for a month that is generally very weak and often negative, and we expect the trend of RBN rents performing better than Lifestyle rents to continue throughout the year,\u201d say analysts.<\/p>\n

The strong job reports and improving consumer confidence have pushed the expected mild recession to the end of this year or beginning of the next year. This has also impacted Yardi Matrix\u2019s national forecast for 2024, up from 0.8 percent to 1.8 percent, but the substantial influx of supply expected to come online this year will dampen rent growth in many of the larger Sun Belt markets.<\/p>\n

Read the latest Multifamily Rent Forecast Update<\/strong><\/a>\u00a0from Yardi Matrix.<\/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":"

SANTA BARBARA, Calif., Mar. 01, 2024 \u2013 Multifamily asking rents broke the five-month streak of sequential average declines in January, rising 0.07 percent, shows a new special report from Yardi\u00ae Matrix. Of the 142 markets tracked, last month \u00a061 posted declines, 71 marked increases and 10 remained flat. Largest increases continued to occur in midsize […]<\/p>\n","protected":false},"author":753,"featured_media":6987,"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-6986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","tag-multifamily-outlook-2024"],"yoast_head":"\nJob Gains Boost Yardi Matrix\u2019 National Rent Forecast for 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Month-over-month rents rise after five consecutive months of declines, according to the latest Yardi Matrix rent forecast update.\" \/>\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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