Although national multifamily rents continue to rise year-over-year, based on data provided by Yardi Matrix the figures appear to indicate a slowing of that growth when compared to data since 2021. This is compared to single-family rental figures, which have now reached an all-time high according to Yardi Matrix - further evidencing that this has become a new, popular segment in the market. The real estate team at Morris, Manning & Martin LLP has a wealth of experience representing owners and developers of both multifamily and single-family product types and would be eager to assist.
The national multifamily market performance remained steady, according to the latest Yardi Matrix survey of 140 markets, with rents gaining $7 in May to $1,716. This represents a 2.6 percent year-over-year increase—the lowest level since March 2021—and 70 basis points below the April rate. Between January and May 2023, the average U.S. asking rent rose $18, or 1.0 percent. Occupancy remained at 95.0 percent in April, falling annually in all but one of Matrix’s top 30 markets—New York (98.0 percent). San Jose’s occupancy remained flat, and Las Vegas posted the largest decline, down 180 basis points. Meanwhile, the average rent for single-family rentals rose to a new all-time high in May to $2,100, up 2.1 percent year-over-year.
