{"id":7653,"date":"2024-08-05T13:52:33","date_gmt":"2024-08-05T13:52:33","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7653"},"modified":"2024-08-06T13:57:54","modified_gmt":"2024-08-06T13:57:54","slug":"rent-growth-picks-up-in-july","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/rent-growth-picks-up-in-july\/","title":{"rendered":"Rent Growth Picks Up in July, Reports Yardi Matrix"},"content":{"rendered":"<p><em>July marks six consecutive months of gains in national advertised asking rents<\/em><\/p>\n<p><strong>SANTA BARBARA, Calif., August 05, 2024<\/strong> \u2013 Consistent economic growth and demographic trends sustained multifamily demand at the start of the third quarter, according to the latest <strong><a href=\"\/publications\/download\/file\/5938-MatrixMultifamilyNationalReport-July2024?signup=false\">Yardi\u00ae Matrix National Multifamily Report<\/a><\/strong>.<\/p>\n<p>The average U.S. publicly advertised rent or \u201casking rent\u201d rose 0.8 percent year-over-year (YoY) through July, or $4 to $1,742. The national occupancy rate in June remained at 94.6 percent for the seventh straight month, down 0.4 percent YoY.<\/p>\n<p>Gateway metros in the East and secondary markets in the Midwest continued to lead rent growth YoY, with the strongest performance registered in New York City (5.2 percent), Washington, D.C. (4.0 percent) and Kansas City (3.4 percent). Rent growth remained negative in several Sun Belt metros, led by Austin (-5.7 percent), Atlanta (-3.3 percent) and Raleigh (-2.8 percent).<\/p>\n<p>The single-family rental market continued to exhibit strength, with advertised asking rents up $5 in July to $2,171, up one percent YoY. Demand is sustained by high cost of homeownership and the lack of available homes for sale.<\/p>\n<p>Gain more insight in the new\u00a0<strong><a href=\"\/publications\/download\/file\/5938-MatrixMultifamilyNationalReport-July2024?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, affordable housing, 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>July marks six consecutive months of gains in national advertised asking rents SANTA BARBARA, Calif., August 05, 2024 \u2013 Consistent economic growth and demographic trends sustained multifamily demand at the start of the third quarter, according to the latest Yardi\u00ae Matrix National Multifamily Report. The average U.S. publicly advertised rent or \u201casking rent\u201d rose 0.8 [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":7655,"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-7653","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>Rent Growth Picks Up in July, Reports Yardi Matrix - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"July marks six consecutive months of gains in national advertised asking rents, according to Yardi Matrix data.\" \/>\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\/rent-growth-picks-up-in-july\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rent Growth Picks Up in July, Reports Yardi Matrix\" \/>\n<meta property=\"og:description\" content=\"July marks six consecutive months of gains in national advertised asking rents, according to Yardi Matrix data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/rent-growth-picks-up-in-july\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-05T13:52:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-06T13:57:54+00:00\" \/>\n<meta property=\"og:image\" 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