{"id":7546,"date":"2024-06-06T10:35:00","date_gmt":"2024-06-06T10:35:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7546"},"modified":"2024-07-16T10:56:47","modified_gmt":"2024-07-16T10:56:47","slug":"national-multifamily-market-report-may-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-may-2024\/","title":{"rendered":"National Multifamily Market Report \u2013 May 2024"},"content":{"rendered":"<p><em>Rent gains moderate, up $6 to $1,733 in May up 0.6% year-over-year and 1.0% year-to-date, notes the latest Yardi Matrix national multifamily market report.<\/em><\/p>\n<h2>Report highlights:<\/h2>\n<ul>\n<li>The U.S. average asking rent gained $6 to $1,733 in May, for a 6% increase year-over-year.<\/li>\n<li>Lifestyle rents surpassed Renter-by-Necessity by 10 basis points, <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-april-2024\/\">up 0.4% month-over-month<\/a><\/strong>.<\/li>\n<li>Investment activity totaled $19.3 billion through May, down 24.0% from the same period last year.<\/li>\n<li>Single-family rents rose 1.4% year-over-year through May to $2,166.<\/li>\n<\/ul>\n<h2>Rents rise, but moderate<\/h2>\n<p>The U.S. average asking rent rose 0.6% year-over-year through May, or $6 to $1,733. The increase marked a 1.0% year-to-date uptick, which is about half of the average growth rate for the five years before the pandemic. Overall, the multifamily market\u2019s performance resembled a balancing act between healthy demand\u2014sustained by job growth, immigration and high mortgage rates\u2014and heavy supply in Sun Belt markets, which is anticipated to persist through 2025. The national occupancy rate posted a 0.6% decline year-over-year through April to 94.5%, and dropped below 93.0% in Dallas, Houston, Austin and Atlanta.<\/p>\n<p><iframe id=\"datawrapper-chart-d5RRZ\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Top 10 Markets for YoY Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/d5RRZ\/2\/\" height=\"516\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Metros in the Northeast and Midwest ranked highest in rent growth, led by New York City (4.8% year-over-year), Columbus (3.6%), Kansas City and New Jersey (both 3.4%). Austin ranked lowest, with rents contracting 5.8%, while most other Sun Belt metros had rents decline by 2.4% or less.<\/p>\n<p>On a monthly basis, rents rose 0.3%, slightly higher in Lifestyle (0.4%) than RBN (0.3%). Denver and New York (both 0.9%) led gains, followed by Raleigh (0.8%). Just a few markets posted minor declines\u2014Phoenix, the Twin Cities and Charlotte (all down 0.1%). Rent growth was positive in most of Yardi Matrix\u2019s top 30 metros across property segments. While New York and Las Vegas registered the largest increases in Lifestyle (both 1.0%), Denver (0.9%) and Washington, D.C. (0.8%) led in RBN. Austin made good progress, recording gains of 0.5% in Lifestyle and 0.4% in RBN.<\/p>\n<h2>Transactions still lag, SFRs lead<\/h2>\n<p>Inflation has yet to decrease to desired levels, hence interest rates remained high, limiting investment activity. Through mid-May, investors traded $19.3 billion in multifamily assets, 24% below the same period last year. While opportunities exist, searching for deals requires an opportunistic eye, looking into segments such as distress, \u201chidden gem\u201d markets and niche property types. In addition, while property owners face refinancing debt in a high-rate environment, they also need to cut rapidly growing expenses.<\/p>\n<p>Home sales are also weak, which bolster SFR expansion, mainly through the build-to-rent segment. A substantial 64,000 BTR units in communities of 50 or more units are under construction, 32,000 of which are expected to be completed in 2024. This exceptional growth stems from SFR operators\u2019 preference to control the quality of construction, on-site maintenance and amenities.<\/p>\n<p>Meanwhile, the SFR sector surpassed multifamily\u2019s performance, with asking rents for single-family rentals up 1.4% year-over-year through May, a $6 gain to $2,166. Occupancy marked a 10-basis-point drop to 95.3% in April, with RBN at 96.7% and Lifestyle at 95.0%.<\/p>\n<p>Read the full Yardi Matrix Multifamily National Market Report: <strong><a href=\"\/publications\/download\/file\/5654-MatrixMultifamilyNationalReport-May2024\" rel=\"\">May 2024<\/a><\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rent gains moderate, up $6 to $1,733 in May up 0.6% year-over-year and 1.0% year-to-date, notes the latest Yardi Matrix national multifamily market report. Report highlights: The U.S. average asking rent gained $6 to $1,733 in May, for a 6% increase year-over-year. Lifestyle rents surpassed Renter-by-Necessity by 10 basis points, up 0.4% month-over-month. Investment activity [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":7447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,13,4],"tags":[511],"class_list":["post-7546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-multifamily-market","category-national-reports","category-real-estate-trends","tag-multifamily-outlook-2024"],"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>National Multifamily Market Report \u2013 May 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Multifamily performance was positive in May, but ongoing healthy demand is counterbalanced by the robust delivery pipeline in some markets.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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