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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 Chicago Report-January 2025
Average advertised asking rents in Chicago were down 0.2 percent on a T3 basis in November, in line with the national drop. At 95.7 percent, the metro’s October occupancy remained well above the national average. However, Chicago faces challenges when it comes to unemployment and job growth.
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Matrix Multifamily Charlotte Report-January 2025
Average advertised asking rents in Charlotte were down 0.4 percent on a T3 basis, to $1,577, 20 bps below the national rate. Rents were impacted by a supply boom, with 12,048 units delivered through November, 60 bps above the national rate of completions.
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Matrix Multifamily Brooklyn Report-January 2025
Brooklyn’s average advertised asking rents were down 0.2 percent on a T3 basis through November, mirroring the national shift. Occupancy in stabilized assets remained at a tight 98.6 percent as of October, despite a YoY drop of 30 bps and pressure from nearly 4,000 new units.
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Matrix Multifamily Atlanta Report-January 2025
Atlanta’s significant inventory expansion of 17,214 units year-to-date contributed to the drop in average advertised asking rents, down 0.5 percent on a T3 basis through November to $1,630. Although unchanged YoY, occupancy stood at a low 92.7 percent in October.
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Matrix Multifamily San Jose Report-December 2024
San Jose’s advertised asking rents were down 0.2 percent on a T3 basis through October, to $3,171, 10 bps below the U.S. figure. As development slowed, occupancy grew 50 bps YoY, to 96.4%.
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Matrix Multifamily Sacramento Report-December 2024
Sacramento’s advertised asking rents rose 1.6 percent YoY through October to $1,954, surpassing the 0.9 percent national increase. Occupancy was also up, gaining 60 bps YoY to a healthy 95.3 percent as of October, while the U.S. rate inched down 10 bps to 94.7 percent.
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Matrix Multifamily Philadelphia Report-December 2024
Philadelphia’s advertised asking rents were flat on a T3 basis through October, while national movement was negative. On an annual basis, the metro saw a 2.2 percent increase with further growth likely, although another 16,500 units are underway.
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Matrix Multifamily Orlando Report-December 2024
Advertised asking rents in Orlando were down 0.5 percent on a T3 basis through October, to $1,767, 40 bps below the national rate. The metro’s supply pipeline represented 3.9 percent of existing stock, a 70-bps difference compared to the U.S. rate of completions, with high incoming inventory pressuring rents.
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Matrix Multifamily Las Vegas Report-December 2024
Inventory expansion marked a new cycle high in Las Vegas, with 4,996 units delivered through October. Bucking the national trend, new construction intensified. Meanwhile, occupancy increased by a solid 100 bps YoY, to 93.7 percent.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.