The multifamily market is showing strength in many ways, according to the July 2024 Matrix Multifamily National Report by Yardi Matrix. The national average rent price reached $1,743—a $4 increase from June—and year-over-year rent growth rose to 0.8 percent. This marks the sixth straight month that rent prices have increased.
Some struggling markets have seen slight gains in July compared to June. Washington, D.C., rents grew 0.9% month-over-month, followed by New York, N.Y. (0.7%), Dallas and Austin, Texas (both 0.6%). On average, the month-over-month rent change rose to 0.2% in July.
“Inflation is receding ... giving rise to hope for interest rate relief for the industry,” the report states. “There are signs the economy will cool, but the worst-case scenario is likely to be a soft landing rather than a hard recession.”
National Average Rents
Despite historically low year-over-year rent growth, July's figures show promise. Notably, some Sun Belt metros, which have faced challenges due to their heavy delivery pipelines, are experiencing a renewed uptick in rental rates.
Read the full report here.
Related Stories
MFPRO+ News | Jul 24, 2024
Most popular cities for renters mid-2024
Rental activity in the U.S. continues to grow halfway through 2024. With the work-from-home boom stabilizing, more renters are eying desirable cities to relocate to.
Apartments | Jun 25, 2024
10 hardest places to find an apartment in 2024
The challenge of finding an available rental continues to increase for Americans nation-wide. On average, there are eight prospective tenants vying for the same vacant apartment.
MFPRO+ News | Jun 20, 2024
National multifamily outlook: Summer 2024
The multifamily sector continues to be strong in 2024, even when a handful of challenges are present. That is according to the Matrix Multifamily National Report for Summer 2024.
MFPRO+ News | Jun 11, 2024
Rents rise in multifamily housing for May 2024
Multifamily rents rose for the fourth month in a row, according to the May 2024 National Multifamily Report. Up 0.6% year-over-year, the average U.S. asking rent increased by $6 in May, up to $1,733.
Adaptive Reuse | May 9, 2024
Hotels now account for over one-third of adaptive reuse projects
For the first time ever, hotel to apartment conversion projects have overtaken office-to-residential conversions.
MFPRO+ Special Reports | May 6, 2024
Top 10 trends in affordable housing
Among affordable housing developers today, there’s one commonality tying projects together: uncertainty. AEC firms share their latest insights and philosophies on the future of affordable housing in BD+C's 2023 Multifamily Annual Report.
Multifamily Housing | Apr 9, 2024
March reports record gains in multifamily rent growth in 20 months
Asking rents for multifamily units increased $8 during the month to $1,721; year-over-year growth grew 30 basis points to 0.9 percent—a normal seasonal growth pattern according to Yardi Matrix.
Industry Research | Apr 4, 2024
Expenses per multifamily unit reach $8,950 nationally
Overall expenses per multifamily unit rose to $8,950, a 7.1% increase year-over-year (YOY) as of January 2024, according to an examination of more than 20,000 properties analyzed by Yardi Matrix.
Student Housing | Mar 27, 2024
March student housing preleasing in line with last year
Preleasing is still increasing at a historically fast pace, surpassing 61% in February 2024 and marking a 4.5% increase year-over-year.
Adaptive Reuse | Mar 26, 2024
Adaptive Reuse Scorecard released to help developers assess project viability
Lamar Johnson Collaborative announced the debut of the firm’s Adaptive Reuse Scorecard, a proprietary methodology to quickly analyze the viability of converting buildings to other uses.
