archive
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
-
Matrix Multifamily Kansas City Report-December 2024
Advertised asking rents in Kansas City were up 0.2 percent on a T3 basis through October, to $1,301, while the U.S. rate dipped 0.1 percent. Construction starts in the metro slowed during the first 10 months of the year, down 55 percent compared to the same interval in 2023.
-
Matrix Multifamily Inland Empire Report-December 2024
Advertised asking rents in the Inland Empire declined 0.1 percent on a T3 basis through October, but YoY rent growth remained above trend, up 1.1 percent and 20 bps above the U.S. rate. Rent growth and occupancy were boosted by limited supply, with the latter up 30 bps YoY to 95.3 percent.
-
Matrix Multifamily Houston Report-December 2024
Houston’s advertised asking rents were unchanged on a T3 basis through October at $1,360, while the U.S. rate fell 10 bps. Meanwhile, the 2.3 percent employment market expansion was third highest in the nation and well ahead of the 1.4 percent U.S. rate.
-
Matrix Multifamily Detroit Report-December 2024
Detroit’s advertised asking rents increased 0.2 percent on a T3 basis through October, while the national average contracted by 0.1 percent. Rent growth will likely be moderated by the 4,379 units underway, despite slowing construction starts.
-
Matrix Multifamily Baltimore Report-December 2024
Baltimore’s advertised asking rents remained flat on a T3 basis through October, at $1,730, after four months of deceleration. The pace of completions slowed, with 2,126 units delivered, roughly 500 fewer than in the same interval in 2023.
-
Matrix Multifamily Boston Report-November 2024
Advertised asking rents in Boston were down 0.2 percent on a T3 basis, to $2,901, 20 bps below the flat national rate. Asset prices also trended downward, to $405,304 per unit; however, that was still significantly above the $188,379 U.S. rate.
-
Matrix Multifamily Austin Report-November 2024
Austin’s elevated deliveries, up by another 15,666 units year-to-date, kept rent movement negative, down 4.9 percent YoY through September to $1,614. Occupancy was also affected, down another 20 bps YoY to 93.1 percent.
-
Matrix Multifamily WashingtonDC Report-November 2024
Washington, D.C.’s advertised asking rents increased 0.1 percent on a T3 basis through September to $2,216. As of August, the metro’s occupancy rate in stabilized properties rose to 95.5 percent, 70 bps above the national rate, despite pressure from the metro’s 31,000 units underway.
-
Matrix Multifamily Tampa Report-November 2024
Tampa’s advertised asking rents fell 0.3 percent on a T3 basis through September to $1,789, near the U.S. average. The metro’s robust pipeline includes 23,700 units underway and more than 100,000 in the planning and permitting stages.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.