{"id":7170,"date":"2024-03-15T09:29:27","date_gmt":"2024-03-15T09:29:27","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7170"},"modified":"2024-03-15T09:57:01","modified_gmt":"2024-03-15T09:57:01","slug":"multifamily-rents-up-slightly-last-month","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/multifamily-rents-up-slightly-last-month\/","title":{"rendered":"Multifamily Rents Up Slightly Last Month, with Regional Variance, Reports Yardi Matrix"},"content":{"rendered":"

Average U.S. asking rent gained $1 in February, increasing for the first time since Fall 2023<\/em><\/p>\n

(SANTA BARBARA, Calif., Mar. 14, 2024<\/strong>) \u2013 National asking rents posted their first increase in over seven months in February, according to the latest Yardi\u00ae Matrix National Multifamily Report<\/a><\/strong>.<\/p>\n

The average U.S. asking rent rose $1 to $1,713 in February, up 0.6 percent year-over-year (YoY), while occupancy decreased 60 basis points year-over-year to 94.5 percent as of January.<\/p>\n

Markets in the Northeast and Midwest continued to register rent increases, in contrast to rent contractions in high-supply Sun Belt markets. Of Yardi Matrix\u2019s top 30 metros, 13 posted rent declines, and five were down by three percent or more YoY. Occupancy was positive only in San Francisco, up 0.1 percent.<\/p>\n

While rents generally show signs of stability, factors including supply, demand, regional metrics and affordability will determine the market\u2019s 2024 performance. Occupancy is likely to continue to decline, with one million new rental units expected to come online through the end of 2025. Already, heavy deliveries in Sun Belt and Southwest metros have eroded rent growth, with more construction underway.<\/p>\n

\u201cWhile high-demand markets are likely to record weak rent growth over the next year or two, the seeds of a rebound have been planted, as starts are declining and deliveries will drop in 2026 and 2027,\u201d states the report.<\/p>\n

Single-family rents declined $2 in February to $2,133, equating to a 1.2 percent year-over-year increase. Single family occupancy remained flat at 96.5 percent in January. High mortgage rates and the scarcity of for-sale assets continue to boost demand.<\/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":"

Average U.S. asking rent gained $1 in February, increasing for the first time since Fall 2023 (SANTA BARBARA, Calif., Mar. 14, 2024) \u2013 National asking rents posted their first increase in over seven months in February, according to the latest Yardi\u00ae Matrix National Multifamily Report. The average U.S. asking rent rose $1 to $1,713 in […]<\/p>\n","protected":false},"author":753,"featured_media":7171,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[28,29],"tags":[],"class_list":["post-7170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases"],"yoast_head":"\nMultifamily Rents Up Slightly Last Month, with Regional Variance, Reports Yardi Matrix - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Average U.S. asking rent gained $1 in February, increasing for the first time since Fall 2023, Yardi Matrix data shows.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/multifamily-rents-up-slightly-last-month\/\" 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