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Multifamily Metro Reports
Information is developed through a combination of original research studies, and reference to secondary sources. Our manner of resourcing and compiling information is defined within this section.
Multifamily Metro Reports
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Matrix Multifamily Queens Report-September 2024
The borough’s advertised asking rents rose 1.1 percent on a T3 basis through July to $3,075, well above the nation’s growth rate. Coupled with a tight 98.8 percent occupancy rate as of June, it paints a picture of stability for Queens.
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Matrix Multifamily Phoenix Report-September 2024
Phoenix’s advertised asking rent growth decreased 10 bps on a T3 basis through July, to an average of $1,579, aftera significant 30,000 units came online over the past 31 months. But, occupancy in stabilized assets slid just 30 bps YoY to 93.4 percent as of June.
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Matrix Multifamily Nashville Report-September 2024
After a steady second quarter, Nashville’s advertised asking rents decreased 0.1 percent on a T3 basis through July, to $1,636, the first negative performance since February. Occupancies also softened, thanks to the highest number of deliveries in at least a decade.
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Matrix Multifamily Knoxville Report-September 2024
Advertised asking rents were up 0.4 percent, 10 bps ahead of the U.S., to $1,479 in July, with the upscale Lifestyle segment leading improvement at 0.7 percent. Occupancy remained strong though down slightly to 96.2 percent in June, while development was not significantly impacted by economic headwinds.
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Matrix Multifamily Jacksonville Report-September 2024
Jacksonville’s advertised asking rents were flat on a T3 basis through July, at $1,502. As of June, the metro’s occupancy rate dropped to 92.5 percent, as pressure from recent deliveries mounts while another 13,392 units are under construction.
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Matrix Multifamily Denver Report-September 2024
Denver’s advertised asking rents rose 0.5 percent on a T3 basis and 1.1 percent YoY through July, above the U.S. rate on both counts, even while its multifamily stock expanded 2.1 percent year-to-date. Occupancy in stabilized assets also points to steady demand, down just 30 bps YoY through June to 94.8 percent.
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Matrix Multifamily Columbus Report-September 2024
Advertised asking rents in Columbus were up 0.2 percent on a T3 basis in July, to $1,297, 10 basis points below the national increase. Rents were impacted by a 40 bps softening in occupancy YoY as upscale deliveries increased.
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Matrix Multifamily Chicago Report-September 2024
Chicago’s average advertised asking rents were up 2.0 percent YoY through July, to $1,938, maintaining momentum, while the T3 rate was 0.4 percent, 10 basis points higher than the nation’s. Following two strong years for inventory expansion, completions amounted to only 2,957 units through the first seven months.
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Matrix Multifamily Albuquerque Report-September 2024
Albuquerque’s advertised asking rents rose 0.5 percent on a YoY basis through July, 20 bps ahead of the U.S. growth rate. Amid high volumes of deliveries, occupancy decreased 50 bps YoY to a still healthy 94.9 percent in June.