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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 Seattle Report-November 2024
Demand drove improvement in Seattle, with advertised asking rents up 1.2 percent YoY to $2,216, outperforming the 0.9 percent U.S. rate as of September. The occupancy rate also rose, up 20 bps YoY to 95.5 percent, as construction moderated.
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Matrix Multifamily San Francisco Report-November 2024
San Francisco’s advertised asking rents were down 0.1 percent on a T3 basis through September, to $2,811, while the U.S. rate stayed flat. Demand was still solid, with the overall occupancy rate rising 40 bps YoY to 95.7 percent, signaling enduring demand.
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Matrix Multifamily San Diego Report-November 2024
San Diego’s advertised asking rents decreased 0.2 percent on a T3 basis through September, to $2,278, while the U.S. remained flat. Contrary to the national trend, the metro’s sales volume outperformed the U.S., growing 25.4 percent YoY to $671 million through the first three quarters of 2024.
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Matrix Multifamily Raleigh Report-November 2024
Advertised asking rents in Raleigh-Durham were down 0.5 percent on a T3 basis, to $1,540, 50 bps below the national rate. The metro’s deliveries accounted for 4% of existing stock, 190 bps higher than the U.S. rate.
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Matrix Multifamily Los Angeles Report-November 2024
Los Angeles advertised asking rents rose 10 bps on a T3 basis through September to $2,634, while the U.S. rate remained flat at $1,750. Occupancy also inched up 10 bps, to 96.1 percent, far outpacing the U.S. rate of 94.8 percent.
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Matrix Multifamily St Louis Report-October 2024
St. Louis advertised asking rents rose 3.8 percent YoY through August to $1,275, well above the 0.8 percent national rate. However, the metro’s occupancy dropped 80 basis points YoY in July to 93.5 percent.
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Matrix Multifamily San Antonio Report-October 2024
Advertised asking rents in San Antonio fell 2.4 percent YoY in August to $1,257, while the U.S. growth rate rose 0.8 percent . Robust supply has cut into occupancy, which was down another 70 bps YoY, to 91.4 percent as of July.
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Matrix Multifamily Salt Lake City Report-October 2024
After five years of stock expansion , Salt Lake City experienced a slight 10 bps loosening in occupancy but a 1.6 percent drop in average advertised asking rents YoY, while the U.S. average rose 0.8 percent.
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Matrix Multifamily Richmond Report-October 2024
Richmond’s advertised asking rents rose 0.3 percent on a T3 basis through August, to $1,542, 20 bps ahead of the U.S. average. That was despite robust supply, with 3,934 units coming online YTD, up 500 YoY, and starts only slightly down.
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Matrix Multifamily Portland Report-Octorber 2024
Advertised asking rents in Portland were up 0.4 percent on a T3 basis, to $1,775, 30 bps above the national average. The metro’s supply pipeline represented 2.8 percent of existing stock, 110 basis points higher than the U.S. rate of completions.
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Matrix Multifamily Pittsburgh Report-October 2024
Pittsburgh advertised asking rents increased 0.4 percent on a T3 basis through August to $1,388, while the U.S. rate rose only 0.1 percent . Occupancy also outpaced the nation, rising to 95.5 percent as of July.
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Matrix Multifamily Orange County Report-October 2024
Orange County’s stock had expanded just 0.7 percent year-to-date in August, with occupancy inching down 10 bps YoY through July to 96.6 percent. Continued demand boosted rent growth by 0.7 percent YoY through August to an advertised asking rate of $2,772, while the per-unit sales price rose 5.6 percent year-to-date.
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Matrix Multifamily Miami Report-October 2024
Advertised asking rents in South Florida remained flat on a T3 basis, at $2,449, 10 bps below the national average. The metro’s occupancy was also unchanged YoY,at 95.5 percent in July.
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Matrix Multifamily Indianapolis Report-October 2024
Indianapolis’ advertised asking rents were up 3.0 percent YoY through August, well above the 0.4 percent national average. Bucking trends, completions through the first eight months reached 3,149 units, just 300 short of last year’s total.
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Matrix Multifamily Cleveland Report-October 2024
Cleveland advertised asking rents increased 0.2 percent on a T3 basis through August to $1,196, while the national average rose only 10 bps . Occupancy rate slid just below the national average of 94.7 percent.
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Matrix Multifamily Twin Cities Report-September 2024
Advertised asking rents in Minneapolis-St. Paul were up 0.1 percent on a T3 basis as of July, to an average of $1,512, 20 basis points below the U.S. growth rate . The metro’s transaction activity also picked up, with $624 million in assets changing hands, bucking national trends.
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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.