{"id":8251,"date":"2024-12-10T15:49:43","date_gmt":"2024-12-10T15:49:43","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8251"},"modified":"2025-01-14T12:05:44","modified_gmt":"2025-01-14T12:05:44","slug":"national-multifamily-market-report-november-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2024\/","title":{"rendered":"National Multifamily Market Report \u2013 November 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\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<p><em>The national multifamily market remained steady in November, in standby awaiting policy changes to be brought on by the new administration., according to the latest Yardi Matrix national multifamily market report<\/em>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-report-highlights\">Report highlights:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>National advertised asking rents dropped $5 in November, to $1,744, for a 0.9% year-over-year increase.<\/li>\n\n\n\n<li>Contraction stepper in Lifestyle, but Renter-by-Necessity rents also inch down.<\/li>\n\n\n\n<li>Occupancy rebounds in several metros, expense growth moderates.<\/li>\n\n\n\n<li>SFR advertised asking rents fell $7 to $2,150 in November, occupancy decreased 40 basis points year-over-year through October to 95.1%.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-steady-performance-in-the-mid-fourth-quarter\">Steady performance in the mid-fourth quarter<\/h2>\n\n\n\n<p>The average U.S. advertised asking rent continued to slide, down $5 in November to $1,744, with year-over-year growth down by 10 basis points to 0.9%. Rent growth remained consistent with the performance exhibited throughout the year at just under 1.0%, varying by region. Of Matrix\u2019s top 30 metros, 16 posted positive rent growth and 14 recorded rent contractions. Gateway metros in the East and secondary markets in the Midwest remained in the lead for rent growth, headed by New York City (5.0%), Kansas City (3.4%), Detroit (3.2%), Washington, D.C. (2.8%), and Chicago and Indianapolis (2.7%). Some of the largest rent decreases were reported in Austin (-5.6%), Raleigh (-2.7%), Atlanta (-2.6%), Phoenix (-2.2%) and Orlando (-2.1%).<\/p>\n\n\n\n<p><iframe title=\"Top 10 Markets for YoY Rent Growth \" aria-label=\"Table\" id=\"datawrapper-chart-6Qzmh\" src=\"https:\/\/datawrapper.dwcdn.net\/6Qzmh\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"516\" 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\n\n\n<p>On a month-over-month basis, <a href=\"\/blog\/national-multifamily-market-report-october-2024\/\"><strong>national advertised asking rents fell 0.3%<\/strong><\/a>, with 25 of the top 30 Matrix metros posting declines. The drop was significant in the Lifestyle segment, down 0.3%, while Renter-by-Necessity rents inched down 0.1%. Tampa posted a remarkable shift in rent growth, up 1.0% month-over-month, following rent contractions over the past year due to high supply levels. RBN rents rose 1.2% and Lifestyle 0.9%. Meanwhile, Denver and Austin posted steep declines. Denver overall advertised asking rents dropped 1.0%, -1.0% in Lifestyle and -0.9% in RBN, and Austin, rents fell 0.9% overall, -1.0% in Lifestyle and -0.8% in RBN.<\/p>\n\n\n\n<p>Year-over-year growth in occupancy remained unchanged at 94.7% in October, but some metros show signs of rebound. Las Vegas outperformed with a 1.0% increase to 93.7%, while other metros with significant occupancy performance include Portland and Detroit (both 0.6%), Baltimore (0.4%) and San Francisco (0.3%).<\/p>\n\n\n\n<p>Expense growth is decelerating, after two years of sustained increases. Market-rate properties recorded a 4.0% year-to-date uptick, down from 9.0% in 2023 and 7.1% in 2022. Within the affordable housing market, expenses rose 5.1% in 2024 through October, down from 8.3% in 2023 and 7.7% in 2022, according to Yardi Matrix Expert. Expense growth will likely moderate further, as insurance, labor and maintenance costs are softening. Eventual changes in policies could drive them up again.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-sfrs-lag-multifamily\">SFRs lag multifamily<\/h2>\n\n\n\n<p>Advertised asking rents for single-family rentals dropped another $7 in November to $2,150, down 0.3% year-over-year. The average was $25 below the summer peak. The impact of consistent stock growth pushed the occupancy rate down 40 basis points year-over-year through October to 95.1%. While RBN occupancy remained at a healthy 96.6%, Lifestyle occupancy fell to 94.7%. By the end of the year, Matrix forecasts 36,683 units will come online, a new record for the segment. However, with just 13,000 build-to-rent single-family rentals breaking ground during the first three quarters of the year, stock expansion will dwindle in the second half of 2025 and beyond. &nbsp;<\/p>\n\n\n\n<p>Read the full Yardi Matrix Multifamily National Market Report:&nbsp;<a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/6634-MatrixMultifamilyNationalReport-November2024\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>November 2024<\/strong><\/a>.&nbsp;<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The national multifamily market remained steady in November, in standby awaiting policy changes to be brought on by the new administration., according to the latest Yardi Matrix national multifamily market report. Report highlights: Steady performance in the mid-fourth quarter The average U.S. advertised asking rent continued to slide, down $5 in November to $1,744, with [&hellip;]<\/p>\n","protected":false},"author":237,"featured_media":8113,"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-8251","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 November 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Multifamily rents dropped in November, but year-over-year growth stayed consistent at just shy of 1.0%, Yardi Matrix reports.\" \/>\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-november-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 November 2024\" \/>\n<meta property=\"og:description\" content=\"Multifamily rents dropped in November, but year-over-year growth stayed consistent at just shy of 1.0%, Yardi Matrix reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-10T15:49:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-14T12:05:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/12\/MF-National-iStock-1385303560-Image-by-MattGush.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=\"Anca Gagiuc\" \/>\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 November 2024 - 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She is a senior associate editor with Commercial Property Executive and Multi-Housing News who also writes monthly multifamily reports at Yardi Matrix. 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