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Year-Over-Year Rent Growth Begins to Slow, Yardi Matrix Reports

Asking rents were up $14 in March, but annual growth is now decelerating

SANTA BARBARA, Calif., April 7, 2022 – Prolonged inflation and the war in Ukraine are beginning to impact U.S. economic growth and rent performance as well, according to the latest Yardi® Matrix Multifamily National Report.

Average U.S. asking rents rose $14 in March to an all-time high of $1,642. However, year-over-year growth dropped 50 basis points to 14.8 percent – an indication that rents are beginning to slow after 2021’s record-shattering performance.

“Rent growth is unlikely to keep pace with 2021, as last year’s explosive movement started in the second quarter,” state Matrix analysts.

Rents for single-family rentals continue to rise month-over-month, but growth is also decelerating in that subsector. The average U.S. single-family rent rose $14 to $1,999 in March, while year-over-year growth dropped 90 basis points to 14.1 percent.

Rent growth continues to be led by population shifts to the Southeast and Southwest. Miami, Orlando, Tampa, Las Vegas and Phoenix all recorded asking rent increases of 23 percent or more in March.

“The big picture that emerges from March multifamily data is that the market remains healthy, though signs point to the inevitable deceleration in some markets,” states the report. “Meanwhile, economic conditions and global events contain headwinds that justify the expectations of moderation and caution.”

Gain additional insights from the Yardi Matrix Multifamily National Report. Join Matrix on Thursday, May 12 for a deeper dive into the current state of the multifamily market. Get more details and sign up today.

Yardi Matrix offers the industry’s 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, student housing, industrial, office and self storage property types. Email [email protected], call (480) 663-1149 or visit to learn more.

About Yardi

Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit

About the author

Jeff Adler

Jeffrey Adler is Vice President, of Yardi® Matrix, the data division of Yardi Systems.

Yardi® Matrix is a US multifamily, student, office, medical office/lab space, industrial, and self-storage asset information toolset for originating, underwriting, and asset managing commercial real estate investments, with over 800 clients worldwide. Yardi® Matrix provides investment strategy, market and institutional research reports leveraging the underlying property level detail of 135 markets, >92,000 multifamily properties and >18 MM units. Mr. Adler also leads Commercial Property Executive and Multi-Housing News, two digital media websites.

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