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.
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