{"id":7648,"date":"2024-07-09T10:39:00","date_gmt":"2024-07-09T10:39:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7648"},"modified":"2024-08-06T11:50:59","modified_gmt":"2024-08-06T11:50:59","slug":"national-multifamily-market-report-june-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-june-2024\/","title":{"rendered":"National Multifamily Market Report \u2013 June 2024"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/national-multifamily-market-report\/\">National Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<p><em>Advertised rents gained $4 to $1,739 in June, up 0.6% year-over-year and 1.5% year-to-date.<\/em><\/p>\n<h2>Report highlights:<\/h2>\n<ul>\n<li>The U.S. average advertised rent gained $4 to $1,739 in June, for a 6% increase year-over-year.<\/li>\n<li>Renter-by-Necessity rent outperformed Lifestyle by 10 basis points, <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-may-2024\/\">up 0.3% 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 1.1% year-over-year through June to $2,166, marking the first dip since late 2023.<\/li>\n<\/ul>\n<h2>Rent deceleration continues<\/h2>\n<p>The U.S. average advertised rent rose 0.6% year-over-year through June, or $4 to $1,739. During the first half of the year, national rents rose 1.5% and 1.0% during the second quarter. The performance is below the average recorded in the five years preceding the pandemic, but considering the market environment, the results are encouraging. Demand is sustained by strong employment gains, low unemployment rate, foreign immigration and weak home sales. The national occupancy rate remained at 94.5% in May, down 0.5% year-over-year, and of Yardi Matrix\u2019s top 30 metros, it increased only in Las Vegas (0.4% to 93.3%).<\/p>\n<p><iframe id=\"datawrapper-chart-GyGSI\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Top 10 Markets for YoY Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/GyGSI\/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>Rent growth was highest in the Northeast and Midwest, led by New York City (4.8% year-over-year), Kansas City (3.4%), Columbus (3.2%) and New Jersey (3.1%). Negative rent growth is intensifying again in several Sun Belt metros, headed by Austin (-6.5%), Atlanta (-3.6%) and Raleigh (-3.3%).<\/p>\n<p>On a monthly basis, advertised rents increased 0.2%, led by New York (1.1%) and Chicago, Kansas City and Portland (all 0.9%). Declines were reported in eight of the top 30 metros, with the largest drop in Austin (-0.8%). By asset class, Renter-by-Necessity rents rose 0.3% and Lifestyle 0.2%. New York (1.2%), Chicago and Portland (both 1.1%) recorded the largest increases in Lifestyle, and Indianapolis and Philadelphia (both 0.9%) led in RBN.<\/p>\n<h2>Expenses loom, SFR rents decrease<\/h2>\n<p>Some of the main headwinds for the rental markets remain interest rates and expenses. Per multifamily unit, expenses rose 8.0% year-over-year to $8,890 in 2023, and 8.2% in 2022. Last year\u2019s expense growth was led by property insurance (up 29% year-over-year), marketing (12.7%), administrative (10.8%) and repairs\/maintenance (9.8%). The average increase in total expenses over the last two year was more than double the 3.4% average growth rate of the previous four years. Yet, expense growth seems to be moderating, as through April 2024, the increase was of 4.2% on an annual rate, and insurance premium growth has cooled.<\/p>\n<p>Advertised rents for single-family rentals fell $3 in June to $2,166, for a 1.1% year-over-year increase. This marked the first decline since late 2023. Best performers from a rent\/occupancy perspective were Lansing, Mich. (rents up 12.1% year-over-year, occupancy up 3.4%) and Raleigh (rents up 11.6% year-over-year, occupancy up 1.6%). Meanwhile, occupancy stood at 95.4% in May, higher in RBN (96.8%) than Lifestyle (95.0%).<\/p>\n<p>Read the full Yardi Matrix Multifamily National Market Report: <strong><a href=\"\/publications\/download\/file\/5800-MatrixMultifamilyNationalReport-June2024\" rel=\"\">June 2024<\/a><\/strong>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Advertised rents gained $4 to $1,739 in June, up 0.6% year-over-year and 1.5% year-to-date. Report highlights: The U.S. average advertised rent gained $4 to $1,739 in June, for a 6% increase year-over-year. Renter-by-Necessity rent outperformed Lifestyle by 10 basis points, up 0.3% month-over-month. Investment activity totaled $19.3 billion through May, down 24.0% from the same [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":7548,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,13,4],"tags":[511,388],"class_list":["post-7648","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","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>National Multifamily Market Report \u2013 June 2024 - Yardi Matrix Blog<\/title>\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\/national-multifamily-market-report-june-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"National Multifamily Market Report \u2013 June 2024\" \/>\n<meta property=\"og:description\" content=\"Advertised rents gained $4 to $1,739 in June, up 0.6% year-over-year and 1.5% year-to-date. Report highlights: The U.S. average advertised rent gained $4 to $1,739 in June, for a 6% increase year-over-year. Renter-by-Necessity rent outperformed Lifestyle by 10 basis points, up 0.3% month-over-month. Investment activity totaled $19.3 billion through May, down 24.0% from the same [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-june-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-09T10:39:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-06T11:50:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/07\/mf-June-iStock-1460633525.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Razvan Cimpean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anca Gagiuc\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"National Multifamily Market Report \u2013 June 2024 - Yardi Matrix Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-june-2024\/","og_locale":"en_US","og_type":"article","og_title":"National Multifamily Market Report \u2013 June 2024","og_description":"Advertised rents gained $4 to $1,739 in June, up 0.6% year-over-year and 1.5% year-to-date. 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Investment activity totaled $19.3 billion through May, down 24.0% from the same [&hellip;]","og_url":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-june-2024\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2024-07-09T10:39:00+00:00","article_modified_time":"2024-08-06T11:50:59+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/07\/mf-June-iStock-1460633525.jpg","type":"image\/jpeg"}],"author":"Razvan Cimpean","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Anca Gagiuc","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-june-2024\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-june-2024\/"},"author":{"name":"Razvan 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