Matrix multifamily report for July shows ‘hopeful signs’

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.

The U.S. is ill-prepared to provide adequate housing for the growing ranks of older people, according to a report from Harvard University’s Joint Center for Housing Studies. Over the next decade, the U.S. population older than 75 will increase by 45%, growing from 17 million to nearly 25 million, with many expected to struggle financially.

Yale University breaks ground on the nation's largest Living Building student housing complex

University Buildings | Dec 8, 2023

Yale University breaks ground on nation's largest Living Building student housing complex

A groundbreaking on Oct. 11 kicked off a project aiming to construct the largest Living Building Challenge-certified residence on a university campus. The Living Village, a 45,000 sf home for Yale University Divinity School graduate students, “will make an ecological statement about the need to build in harmony with the natural world while training students to become ‘apostles of the environment’,” according to Bruner/Cott, which is leading the design team that includes Höweler + Yoon Architecture and Andropogon Associates.

Almost a million apartment units are currently under construction in the U.S., says Apartment List.

MFPRO+ News | Dec 7, 2023

7 key predictions for the 2024 multifamily rental housing market

2024 will be the strongest year for new apartment construction in decades, says Apartment List's chief economist.

Codes and Standards | Dec 7, 2023

New York City aims to spur construction of more accessory dwelling units (ADUs)

To address a serious housing shortage, New York City is trying to get more homeowners to build accessory dwelling units (ADUs). The city recently unveiled a program that offers owners of single-family homes up to nearly $400,000 to construct an apartment on their property.