July marks six consecutive months of gains in national advertised asking rents
SANTA BARBARA, Calif., August 05, 2024 – Consistent economic growth and demographic trends sustained multifamily demand at the start of the third quarter, according to the latest Yardi® Matrix National Multifamily Report.
The average U.S. publicly advertised rent or “asking rent” rose 0.8 percent year-over-year (YoY) through July, or $4 to $1,742. The national occupancy rate in June remained at 94.6 percent for the seventh straight month, down 0.4 percent YoY.
Gateway metros in the East and secondary markets in the Midwest continued to lead rent growth YoY, with the strongest performance registered in New York City (5.2 percent), Washington, D.C. (4.0 percent) and Kansas City (3.4 percent). Rent growth remained negative in several Sun Belt metros, led by Austin (-5.7 percent), Atlanta (-3.3 percent) and Raleigh (-2.8 percent).
The single-family rental market continued to exhibit strength, with advertised asking rents up $5 in July to $2,171, up one percent YoY. Demand is sustained by high cost of homeownership and the lack of available homes for sale.
Gain more insight in the new Yardi Matrix National Multifamily Report.
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