{"id":7907,"date":"2024-10-10T12:27:40","date_gmt":"2024-10-10T12:27:40","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7907"},"modified":"2024-10-17T12:33:02","modified_gmt":"2024-10-17T12:33:02","slug":"multifamily-demand-persists-as-advertised-asking-rent-growth-slows","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/multifamily-demand-persists-as-advertised-asking-rent-growth-slows\/","title":{"rendered":"Multifamily Demand Persists as Advertised Asking Rent Growth Slows, Reports Yardi Matrix"},"content":{"rendered":"

Multifamily absorption surpasses 300,000 units in 2024 through September<\/em><\/p>\n

SANTA BARBARA, Calif., Oct. 10, 2024<\/strong> \u2013 Seasonality and supply are tempering advertised asking rent growth but demand remains strong, according to the latest Yardi\u00ae Matrix National Multifamily Report<\/a><\/strong>.<\/p>\n

The average U.S. advertised asking rent decreased by $3 in September to $1,750, flat at 0.9 percent year-over-year (YoY). Occupancy stood at 94.8 percent in September, unchanged YoY.<\/p>\n

Gateway markets in the East and secondary markets in the Midwest continue to lead in YoY advertised asking rent growth, run by New York City (5.4 percent), Kansas City (4.2 percent) and Boston (3.4 percent). Supply increases continue to pressure asking rents in many Sun Belt metros, and the largest declines YoY were posted by Austin (-4.9 percent), Raleigh (-3.1 percent) and Phoenix (-2.4 percent).<\/p>\n

Post-pandemic demand has led to 1.7 million multifamily units absorbed between March 2020 and August 2024. All 132 markets surveyed experienced positive absorption, with Dallas (108,000 units) and Houston (71,000 units) in the lead.<\/p>\n

Single-family rentals advertised asking rents decreased $3 in September to $2,167, for a 0.6 percent YoY increase, with Kansas City (4.7 percent YoY) and Indianapolis (4.3 percent) posted the strongest growth. SFR occupancy declined 30 basis points to 95.3 percent in August.<\/p>\n

Gain more insight in the new\u00a0Yardi Matrix National Multifamily Report<\/a><\/strong>.<\/p>\n

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\u00a0matrix@yardi.com<\/a>, call 480-663-1149 or visit\u00a0yardimatrix.com<\/a>\u00a0to learn more.<\/p>\n

About Yardi<\/strong><\/p>\n

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 9,500 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\u00a0yardi.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Multifamily absorption surpasses 300,000 units in 2024 through September SANTA BARBARA, Calif., Oct. 10, 2024 \u2013 Seasonality and supply are tempering advertised asking rent growth but demand remains strong, according to the latest Yardi\u00ae Matrix National Multifamily Report. The average U.S. advertised asking rent decreased by $3 in September to $1,750, flat at 0.9 percent […]<\/p>\n","protected":false},"author":753,"featured_media":7908,"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-7907","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":"\nMultifamily Demand Persists as Advertised Asking Rent Growth Slows, Reports Yardi Matrix - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Multifamily absorption surpasses 300,000 units in 2024 through September, according to the latest Yardi Matrix national report.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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