Multifamily asking rents picked up another $10 in February to reach a national average $1,628, and year-over-year growth recorded a 15.4 percent bump, according to the new Yardi Matrix Multifamily National Report.
Single-family rentals also continue to surpass past performance, SFR rents increased by 14.9 percent year-over-year through February.
While most anticipated that the steep upward trajectory for the rental sector would have moderated in the first quarter of 2022, the market continues to surprise. Of the top 30 metros tracked by Yardi® Matrix, 90 percent saw double-digit rent growth year-over-year.
“Rent growth is likely to start decelerating soon relative to the big increases that began in March 2021, but demand shows little sign of slowing,” say analysts. Nationally, occupancy rates are up 120 basis points year-over-year. Occupancy upticks are particularly strong in Texas and Florida metros, but also in gateway markets that lost residents during the pandemic. New York, San Jose and Chicago are among the cities seeing renters return.
Underlying the headlines are the effects of a long-term national housing shortage, notes the report. In January 2021, occupancy rates were 95 percent or higher in just 13 of the top 30 markets, but a year later only two of the top 30 are below that level. In another telling indicator, single-family home sale prices were up an average of 18.8 percent last year.
Related Stories
Multifamily Housing | Jun 21, 2022
Two birds, one solution: Can we solve urban last-mile distribution and housing challenges at the same time?
When it comes to the development of both multifamily housing and last-mile distribution centers, particularly in metropolitan environments, each presents its own series of challenges and hurdles. One solution: single-use structures.
Sponsored | HVAC | Jun 14, 2022
Healing the urban fabric: The surprising impact of MagicPak HVAC
The Legends at Berry active adult housing complex in St. Paul, Minnesota helped transform a former industrial site into a thriving residential campus. MagicPak All-in-One® HVAC Systems provided the energy-efficient heating needed to handle extreme Minnesota winters while enabling architects to create an inviting home environment—and even qualify for additional funding incentives.
Multifamily Housing | Jun 9, 2022
Cityview's Adam Perry on multifamily housing innovation in the Western U.S.
Adam Perry, SVP of Development and Construction Management with developer Cityview, chats with Multifamily Design+Construction Editor Rob Cassidy about the latest design and construction innovations for multifamily housing in the West.
Hotel Facilities | May 31, 2022
Checking out: Tips for converting hotels to housing
Many building owners are considering repositioning their hotels into another property type, such as senior living communities and rental apartments. Here's advice for getting started.
Multifamily Housing | May 25, 2022
9 noteworthy multifamily developments to debut in 2022
A 1980s-era shopping mall turned mixed-use housing and a mid-rise multifamily tower with unusual rowhomes highlight the innovative multifamily developments to debut recently.
Sponsored | Multifamily Housing | May 23, 2022
An Integrated WRB Sheathing System Offers Big Benefits at Big Haus
Legislation | May 20, 2022
Arlington County, Virginia may legalize multifamily housing countywide
Arlington County, Va., a Washington, D.C.-area community, is considering proposed legislation that would remove zoning restrictions on multifamily housing up to eight units in size.
