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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 Philadelphia Report-August 2024
Philadelphia’s advertised asking rents increased 0.6 percent on a T3 basis through June, double the U.S. rate, reaching $1,766. As of May, the metro’s occupancy rate in stabilized assets remained well above the national average of 94.5 percent.
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Matrix Multifamily Manhattan Report-August 2024
Advertised asking rents were up 4.8 percent YoY in Manhattan as of June, reaching $4,941 and outranking the rest of the nation. Investments increased slightly, reaching $621 million YTD through June, while the supply pipeline stayed solid, with 12,700 units under construction.
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Matrix Multifamily Las Vegas Report-August 2024
Bolstered by one of the highest employment growth rates in the nation, Las Vegas’ rent growth is on an upward trend, with advertised asking rents up 0.5 percent on a T3 basis in June to $1,484. The occupancy rate bucked national trends, rising 40 bps year-over-year as of May to 93.3 percent.
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Matrix Multifamily Kansas City Report-August 2024
Kansas City’s average advertised asking rents picked up again during the second quarter, rising 0.6 percent on a T3 basis through June to $1,292, double the U.S. rate. Occupancy was down 90 bps YoY in May, to 94.3 percent, presenting a mixed bag for the market.
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Matrix Multifamily Inland Empire Report-August 2024
The Inland Empire’s average advertised asking rents registered a comeback in the second quarter, up 0.4 percent on a T3 basis through June to $2,140. Occupancy in stabilized assets was down 50 bps YoY to 95 percent in May but remained above the national average.
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Matrix Multifamily Detroit Report-August 2024
Advertised asking rents in Detroit were up 0.6 percent on a T3 basis in June, clocking in at $1,277, 30 basis points higher than the national rate. It helped that developers added just 1,065 units in the first six months, and the metro’s delivery rate of 0.5 percent of existing stock was nearly half the national level.
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Matrix Multifamily Charlotte Report-August 2024
Charlotte’s advertised asking rents were up 0.1 percent on a T3 basis through June, below the national average of 0.3 percent, as higher-than-average new deliveries and another 35,000 units underway put pressure on the market. However, the metro’s occupancy remained a respectable 93.6% as of May.
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Matrix Multifamily Brooklyn Report-August 2024
Advertised asking rents in Brooklyn matched U.S. growth at 0.3 percent on a T3 basis through June but far outpaced YoY growth at 3.9 percent versus the nation’s 0.6 percent. That’s despite being more than double the national average at $3,634.
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Matrix Multifamily Baltimore Report-August 2024
Advertised asking rents in Baltimore rose 0.5 percent on a T3 basis in June, to $1,717, 20 basis points higher than the national rate, as development slowed. The metro delivered just 753 units in the first six months and broke ground on only 800.
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Matrix Multifamily Atlanta Report-August 2024
Atlanta’s YoY rent growth remained among the weakest in the U.S., with the average advertised asking rent down 3.6 percent in June while the national rate was up 0.6 percent. Occupancy also declined, down 80 bps YoY through May to 92.4 percent, well below national levels.
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Matrix Multifamily Washington DC Report-July 2024
Washington, D.C., advertised rents increased 0.6% on a T3 basis through May to $2,179, while annual rent growth was 3%. Occupancy dropped slightly YoY but remained well above the national average.
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Matrix Multifamily Tampa Report-July 2024
A historic construction wave has put pressure on the metro’s fundamentals. Advertised rents decreased 0.1% on a T3 basis through May to $1,794, while annual rent growth was down 1.8%.
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Matrix Multifamily Seattle Report-July 2024
Last year’s deliveries marked the second-lowest volume in the past decade. This helped keep movement positive, with advertised asking rents up 0.6 percent on a T3 basis through May to $2,205.
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Matrix Multifamily San Jose Report-July 2024
San Jose continued its modest recovery, with advertised rent growth at 0.8% on a T3 basis through May, outpacing the nation. Investment volume also bucked national trends, growing 18.6% YoY to $453 million through May.
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Matrix Multifamily San Francisco Report-July 2024
San Francisco’s advertised rents started their recovery in February and were up 0.5% on a T3 basis through May, outpacing the U.S. figure by 20 bps. Other fundamentals struggled, with construction starts declining 77.7% YoY through May while investments decreased 81.4%, to $160 million.
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Matrix Multifamily Sacramento Report-July 2024
Advertised rents in Sacramento remained flat on a T3 basis in May, clocking in at $1,916, 30 basis points lower than the U.S. rate. The metro delivered 645 units, or 0.5 percent of existing stock, 40 bps below the U.S. average.
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Matrix Multifamily Orlando Report-July 2024
Advertised asking rents in Orlando mirrored the U.S. growth rate at 0.3 percent on a T3 basis in May, clocking in at $1,789. Despite a slowdown in deliveries, the metro’s 1.8 percent of existing stock outpaced the nation by 90 bps.
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Matrix Multifamily Houston Report-July 2024
Houston’s employment ranked third in the U.S., which helped sustain demand for apartments and keep advertised asking rents on an upward trend, rising 0.2 percent on a YoY basis to $1,355. Yet occupancy lags, down 90 bps YoY through April to 92.5 percent.
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Matrix Multifamily Dallas Report-July 2024
DFW’s strong economy has sustained demand for apartments, pushing advertised asking rents up 0.2 percent on a T3 basis through May to $1,540. But occupancy was down 90 bps YoY through April to 92.9 percent.
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Matrix Multifamily Austin Report-July 2024
Sustained supply growth since the pandemic began is keeping rents down. The advertised asking rate dropped 5.8 percent YoY in May to $1,620, while the national average increased 60 bps to $1,733.