Multifamily Rents Record Another Significant Jump, Yardi Matrix Reports

Average U.S. asking rents increased another $15 in April to an all-time high

SANTA BARBARA, Calif., May 10, 2022 – “Can’t stop, won’t stop” is starting to feel like an appropriate tagline for the U.S. multifamily sector as it maintains more than a year-long streak of record growth.

According to the latest Yardi® Matrix Multifamily Report, the average U.S. asking rent rose $15 in April to an all-time record $1,659. Year-over-year growth moderated by 50 basis points but remains high at 14.3 percent.

“Although there are a few weak spots, multifamily demand and rent growth remain incredibly strong throughout the country,” state Matrix analysts in the new report. “Of our top 30 metros, rent growth was up at least 8.8 percent over the last year in all but one.”

Rent growth was also positive in all 30 metros over the last one-month, three-month and 12-month periods. Markets in Florida and the Southwest maintained the top spots in year-over-year rankings, but more recently Boston, New York, San Jose and Philadelphia have been the top performers.

Additionally, the average single-family asking rent in the U.S. reached an all-time high of $2,018 in last month. Year-over-year growth for single-family homes dropped 110 basis points to 13.2 percent.

How long can the multifamily market’s superb performance continue? Deceleration is anticipated any month now, due to economic contraction, surging inflation, interest rate hikes and ongoing supply-chain issues. Learn more in the latest multifamily report.

Gain even greater in-depth insight on the sector in a Thursday, May 12 multifamily webinar with Yardi Matrix leaders. Register here.

Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, industrial, office and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn more.

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