{"id":7843,"date":"2024-09-04T07:09:00","date_gmt":"2024-09-04T07:09:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7843"},"modified":"2024-10-17T06:38:23","modified_gmt":"2024-10-17T06:38:23","slug":"national-multifamily-market-report-august-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-august-2024\/","title":{"rendered":"National Multifamily Market Report \u2013 August 2024"},"content":{"rendered":"\n

Read the latest Yardi Matrix National Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n

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Advertised asking rents fell $1 to $1,741 in August, flat year-over-year at 0.8%<\/em><\/p>\n

Report highlights:<\/h2>\n
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  • Following six months of gains, the average U.S. advertised asking rents fell $1 to $1,741 in August, flat at 0.8% year-over-year.<\/li>\n
  • Dip in Lifestyle rents outpowers Renter-by-Necessity gains.<\/li>\n
  • Seasonal patterns, high supply and slowing economy are main factors in rent movement.<\/li>\n
  • Advertised asking rents in the SFR segment fell $7 in August to $2,164.<\/li>\n<\/ul>\n

    Stillness over the market ahead of pending changes<\/h2>\n

    The average national advertised asking rent fell by $1 to $1,741 in August, following six months of steady growth. On a year-over-year basis, rent growth remained unchanged at 0.8%, and demand was still strong, keeping occupancy at 94.7% in July, in the middle of a supply wave. Leaders in rent growth remained gateway cities in the East and secondary markets in the Midwest, fronted by New York City (4.8%), Kansas City (4.1%), Washington, D.C. (3.4%), Indianapolis (3.0%) and Boston (2.9%). Drops in rents were recorded in Austin (-5.5%), Raleigh (-3.4%), Phoenix (-2.9%) Orlando and Atlanta (both -2.7%).<\/p>\n