{"id":7449,"date":"2024-06-10T13:55:29","date_gmt":"2024-06-10T13:55:29","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7449"},"modified":"2024-06-11T14:02:34","modified_gmt":"2024-06-11T14:02:34","slug":"new-multifamily-supply-and-steady-demand-maintains-rent-growth","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/new-multifamily-supply-and-steady-demand-maintains-rent-growth\/","title":{"rendered":"New Supply and Steady Demand Maintains Rent Growth in May"},"content":{"rendered":"<p><em>Job growth, immigration and high mortgage rates fuel apartment market<\/em><\/p>\n<p><strong>SANTA BARBARA, Calif., June 10, 2024<\/strong> \u2013 The U.S. multifamily market\u2019s performance in May reflected a balancing act between steady demand and robust supply growth, according to <strong><a href=\"\/publications\/download\/file\/5654-MatrixMultifamilyNationalReport-May2024?signup=false\">the latest Yardi\u00ae Matrix National Multifamily Report<\/a><\/strong>.<\/p>\n<p>The average U.S. asking rent gained $6 to $1,733 in May, up 0.6 percent year-over-year (YoY), marking the fourth consecutive month of increases. For the third straight month, occupancy continued unchanged at 94.5 percent in April, for a 0.6 percent YoY decline.<\/p>\n<p>Markets in the Northeast and Midwest continued to lead rent gains, headed by New York City at 4.8 percent YoY. Austin posted negative rent growth of 5.8 percent, while most other Sun Belt metros posted rent contractions of 2.4 percent or less.<\/p>\n<p>National rents rose 0.3 percent month-over-month in May, performing slightly better in the Lifestyle segment (0.4 percent) than Renter-by-Necessity (0.3 percent).<\/p>\n<p>Investment activity remained tepid, with just $19.3 billion of multifamily transactions completed nationally through mid-May, 24 percent below last year.<\/p>\n<p>\u201cOpportunities are still available, but investors may have to search harder or move out of comfort zones into segments such as distress, \u2018hidden gem\u2019 markets and niche property types,\u201d states the report.<\/p>\n<p>The single-family rental market continued to outperform multifamily, with rents up $6 to $2,166 in May, while YoY growth decreased 10 basis points to 1.4 percent. Build-to-rent is increasingly attractive to institutional investors due to greater construction quality control and efficiency of on-site management.<\/p>\n<p>Gain more insight in the new\u00a0<strong><a href=\"\/publications\/download\/file\/5654-MatrixMultifamilyNationalReport-May2024?signup=false\">Yardi Matrix National Multifamily Report<\/a><\/strong>.<\/p>\n<p>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\u00a0<a href=\"mailto:matrix@yardi.com\">matrix@yardi.com<\/a>, call 480-663-1149 or visit\u00a0<a href=\"\/\">yardimatrix.com<\/a>\u00a0to learn more.<\/p>\n<p><strong>About Yardi<\/strong><\/p>\n<p>Celebrating its 40-year anniversary in 2024, 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\u00a0<a href=\"https:\/\/www.yardi.com\/\">yardi.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Job growth, immigration and high mortgage rates fuel apartment market SANTA BARBARA, Calif., June 10, 2024 \u2013 The U.S. multifamily market\u2019s performance in May reflected a balancing act between steady demand and robust supply growth, according to the latest Yardi\u00ae Matrix National Multifamily Report. The average U.S. asking rent gained $6 to $1,733 in May, [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":7450,"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-7449","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":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Supply and Steady Demand Maintains Rent Growth in May - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Job growth, immigration and high mortgage rates fuel the apartment market, according to the latest Yardi Matrix national report.\" \/>\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\/new-multifamily-supply-and-steady-demand-maintains-rent-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Supply and Steady Demand Maintains Rent Growth in May\" \/>\n<meta property=\"og:description\" content=\"Job growth, immigration and high mortgage rates fuel the apartment market, according to the latest Yardi Matrix national report.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/new-multifamily-supply-and-steady-demand-maintains-rent-growth\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-10T13:55:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T14:02:34+00:00\" 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