According to Yardi Matrix’s latest report, the multifamily demand in the US remained strong at the beginning of 2024’s third quarter due to consistent economic growth and demographic trends. In July, the average asking rent increased by $4 to $1,743 compared to last year, with a 0.8% year-over-year growth rate.
The report also noted that high-supply markets saw a resumption of rent growth after experiencing negative rates previously. Despite weak historical standards for July’s year-over-year growth rate, Yardi Matrix stated that there are signs of strength in the market. Demand remains steady and national occupancy rates have stayed at 94.6% for seven consecutive months.
Rent growth was led by gateway metros in the East and secondary markets in Midwest regions according to Yardi Matrix’s findings. The top performers were New York City (5.2%), Washington DC (4%), and Kansas City (3/4%). On the other hand, several Sun Belt metro areas continued to experience negative rent growth with Austin (-5/7%), Atlanta (-3/3%) and Raleigh (-2/8%) leading this trend.
In addition to multifamily properties, single-family rentals also showed strength as advertised asking rents increased by $5 from last month reaching $2,171 with a 1% increase compared from last year according to Yardi Matrix data analysis.The sustained demand is attributed
