Reports and Materials

Although the unusually large influx of supply continues to hinder rent growth in many Sun Belt boomtowns, healthy demand from a stronger-than-expected economy will support growth in other markets. Overall, that anticipated improved performance leads to an increased forecast for advertised apartment rents.

Robust construction activity at year-end 2023 has led to an increase in forecast new supply for 2024 and 2025. But significantly higher numbers of abandoned and deferred projects suggest longer-term development interest is waning.

A gradual slowdown in multifamily development activity is taking hold. A still sizable under-construction pipeline will support a high level of completions in 2024 and 2025, with new supply bottoming in 2026.

An unprecedented number of apartments are expected to come online in 2024, limiting rent growth in many major markets. But growth rates will vary significantly across markets and time.

Storage construction starts increased in the beginning of this year, but appear to be plateauing. As a result, Yardi Matrix forecasts for new storage deliveries increased in 2024, and remained unchanged in the following years.

Multifamily construction starts remained elevated through the first half of 2023, but new development activity is starting to slow. As a result, the new-supply forecast has been revised upward over the next two years but reduced for the three years following that.

Our national forecasts for 2023-2024 have been revised downward with the increased likelihood of a minor recession, though we maintain a generally optimistic outlook since markets experiencing negative rent growth are tied to local supply-demand dynamics rather than economic conditions.

Multifamily asking rent growth continues to slow amid countervailing economic forces. Florida and California markets are showing the greatest deceleration, while midsize Midwest and Northeast markets are more positive.

Multifamily asking rents went up slightly during the first quarter, but significantly less than pre-pandemic standards. Growth has been highest in lower-cost Renter-by-Necessity assets, and midsize Midwest and Northeast markets are outperforming.

The national rent growth forecast for 2023 was revised downward again, largely driven by the downward revision of some large markets that have an outsize effect on the average, including Eastern Los Angeles County, Miami, the South Bay Area, Tampa and Manhattan.

Yardi Matrix rent growth forecasts were revised downward for year-end 2022 and 2023 amid falling asking rates and a slowing economy. However, some secondary and tertiary markets continue to outperform expectations.

Multifamily rent growth continued to decelerate in October, but much of that can be explained by typical seasonality. With consumer spending up, a tight labor market and favorable multifamily fundamentals fueling demand, Yardi Matrix forecasts a strong end to the year for rent and occupancy.

Most multifamily markets are showing decelerating rents, and it is becoming increasingly likely that we will be in a recession within the next year. As a result, we have revised our multifamily forecasts downward over the short-term.

July marked a significant slowdown in rent appreciation, but that is seasonally typical. Supply and demand fundamentals remain favorable for multifamily, marked by a strong job market, higher mortgage rates and an undersupply of apartments across the country. As a result, rent growth will remain solid through the end of the year.

Forty-year-high inflation is forcing the Fed to move quickly in raising interest rates, but the job market remains very strong. While the chance of a recession in the next 18 months has increased, we still see a less than 50% chance of that happening. Strong demographics and limited supply will keep apartment rent growth strong throughout the year.

Rent growth slowed somewhat in November but remains historically high as we approach the new year. And it is not the only area with notable increase. Though Omicron actually seems unlikely to cause severe disruptions, inflation is focusing all eyes on the Fed to guide the economy to a soft landing.

Rent growth is beginning to abate and is expected to return to more familiar territory next year. However, uncertainty persists due to a clogged supply chain, weaker-than-expected jobs growth and other pandemic-induced maladies.

Rent increases in higher-end buildings drives another month of record growth, but high volatility is expected to persist in the short term. However, upward pressure on lower-end wages should provide strong support for continued rent increases for workforce housing across markets.

Record-setting month-over-month rent increases in some markets seem likely to continue until fall. The gateway cities, which have been slower to recover, are showing signs of life again and should see rent growth acceleration into 2022. Mounting concerns of an extended inflationary period threaten to pump the brakes on a white-hot recovery.

Despite a slowdown in new construction starts through mid-year 2024, the self storage under-construction pipeline increased on a year-over-year basis. The Q4 forecast update has therefore increased new supply for 2025 by 7.8%, and for 2026 by 6.0%. Yardi Matrix advertised rent and development pipeline data continue to suggest an overall deceleration in long-term self storage development interest.

Yardi Matrix's development pipeline data continues to indicate declining multifamily development activity. New-construction starts have bottomed at an approximate annualized rate roughly 50% below the levels recorded in 2022 and early 2023. Elevated completion times, however, leave a still-sizable under-construction pipeline.

RV and boat storage parking rents have declined since the last report, reflecting the seasonality of the sector. Year-over-year growth dropped to -1.1% from -0.5% in June, with month-over-month declines more severe in Q3 this year than last year. Read about this trend and more in the Fall 2024 YardiMatrix National RV & Boat Storage Report.

The affordability crisis has put a spotlight on the need for more affordable housing, and this Yardi Matrix analysis provides insight into why some markets are more successful at producing housing that fits the budgets of cost-burdened households.

Yardi Matrix expects self storage new supply to contract over the longer term as interest in new development declines. Compared to last quarter’s update, the forecast has been increased for 2024 as well as later years, but that’s to account for our expanded market coverage, as the rate of change remains the same. In the past year, Yardi Matrix has initiated coverage for 17 new self storage markets that comprise approximately 4.5% of the current completed inventory in our database.

Advertised rental rates for RV and boat storage decreased a modest 0.4% in June 2024, as demand from new equipment sales dropped. Still, that compares to a rent decline for traditional self storage. And with slowed development activity, RV and boat storage retains a strong outlook.

In Q2 2024, the Yardi Matrix multifamily under-construction pipeline started to retreat from post-pandemic highs. The still-large inventory supports solid levels of new supply for the remainder of 2024 and into 2025. However, with multifamily construction starts falling off faster than previously anticipated, for the Q3 2024 update the Yardi Matrix Multifamily Supply Forecast has been reduced for 2026 and 2027.

The pandemic upended historical rent growth patterns, but recent data suggests we are settling into more familiar territory.

The self storage development pipeline continues to exhibit signs of a slowdown. Construction starts declined in Q4 2023, while growth in both planned and prospective development moderated. The number of deferred and abandoned self storage projects has been increasing. These circumstances are consistent with the previous quarter’s forecast expectations.

Heavy supply continues to weigh down asking rents in pandemic boomtowns. But many midsize markets in the Midwest, Northeast and South are still experiencing strong growth.

The year-end decline in multifamily construction starts persisted in Q1 2024. However, elevated completion times drove a slight expansion in the number of units under construction at the end of the first quarter. The sizeable under-construction pipeline will deliver a high level of completions in 2024 and 2025, with new supply bottoming in 2026.

Street rate growth for RV and boat storage units were roughly flat, down -0.2% year-over-year in February, with some markets posting rent growth. The supply pipeline remains active but starting to show signs of a reprieve.

Multifamily expenses continue to grow at above-trend levels, led by property insurance increases, according to a new study by Yardi Matrix. Getting control of cost increases will be critical in 2024 as rent growth slows.

Higher mortgage rates, lower property values and bank credit tightening will challenge the market in coming years. For this special report, Yardi Matrix analyzed mortgage debt on more than 58,000 properties in its multifamily database to determine when the loans are coming due, which metros have the most maturing debt, lender type and more.

Despite significant headwinds and the usual seasonal downturn, asking rents managed to improve slightly in January. However, the story differs depending on region and asset class.

Overview of the growing single-family rental industry, covering important fundamentals for the industry on a national and market basis, including rent, occupancy, supply and transactions.

Multifamily construction starts surpassed what had been forecast in the first half 2023, with the expected slowdown in new development not materializing until the third quarter. Smaller and midsize markets that did not participate in the post-pandemic development boom helped drive starts, and affordable housing and single-family rentals have become increasingly important product types.

Yardi Matrix is pleased to provide the following reports for Universal Storage Group. With the self storage industry’s leading market intelligence tool, gain access to data on more than 35,000 self storage facilities, covering 2.3+ billion total sq. ft. in 147 markets including dedicated RV & boat storage facilities.

Roughly one-third of mortgage volume on office properties is coming due between now and the end of 2026, according to a review of the Matrix property database. The maturity wave is likely to lead to increasing distress, thanks to reduced demand due to hybrid work arrangements and capital constraints as lenders and investors attempt to reduce exposure to the sector.

Multifamily owners have not been immune from the recent jump in inflation. Expenses, led by insurance and labor, rose sharply over the last year, according to an aggregated survey of more than 20,000 properties that use Yardi Voyager accounting software. Whether this recent spike is transitory or not, managers must sharpen pencils to cut costs.

Self storage construction starts increased in Q1, with 2024 deliveries expected to be higher than Yardi Matrix’s prior supply forecast. But starts will likely slow, given the recession expected in 2024, dampening deliveries in 2025-2028.

Rising rates and weak home sales have reduced the rapid post-pandemic growth in institutional SFR ownership. Large SFR owners are focusing on long-term growth by building new communities and improving operational efficiency.

The multifamily under construction pipeline continues to expand despite high interest rates and a tight lending environment, and as a result, Yardi Matrix has revised its new deliveries forecast upward through 2025, with a slight reduction in later years

The rapid and sharp increase in interest rates has put borrowers and lenders in a bind. Participants at the CREFC annual conference in June highlighted the troubles that include weak demand, rising defaults and growing difficulty in refinancing maturing loans.

Climate-related payouts have pushed many insurers to the brink, prompting insurance rates to jump for properties in states such as Florida and Texas. Exorbitant rate increases may lead to an increase in delinquencies and have prompted calls for reform of insurance requirements set by lenders.

Strong investor demand propelled self-storage transaction activity to its second-highest year ever in 2022. Market fundamentals and investor interest remain favorable, but the direction of deal flow in 2023 will depend on rising capital costs and pricing uncertainty.

Multifamily property sales continued to shift toward secondary tech markets in 2022, as volume waned in the fourth quarter due to rising acquisition yields and pricing uncertainty. This bulletin examines the prospect for deal flow in 2023 and what needs to happen for market activity to return.

Supply of new storage facilities for recreational vehicles and boats has failed to meet demand, as post-pandemic sales of the “adult toys” have reached record highs. Yardi Matrix’s first-of-its-kind database of RV/boat storage facilities demonstrates the segment’s outsize potential for rapid growth.

The recent increase in interest rates is forcing institutions to reassess growth strategies in the single-family rental market. Institutions have allocated tens of billions of dollars to the sector in recent years. Growth in the near future, however, may be concentrated on build-to-rent projects, which are being delivered at record levels.

Traditional drivers of multifamily rent growth were upended during the pandemic, first as shelter-in-place policies led to massive job losses and migration, and then as the employment rebound and loosening of restrictions caused demand to skyrocket. What are the implications for multifamily going forward?

The Federal Reserve will aggressively raise interest rates through the remainder of the year, but an extraordinarily tight labor market should provide protection from a deep recession. The war in Ukraine threatens to further exacerbate some supply-chain challenges and could keep energy and food prices at elevated levels, but fundamental supply and demand forces in multifamily will keep the sector strong.

Americans are buying recreational vehicles and boats at record levels, in part due to trends exacerbated by the pandemic. That’s creating a surge in demand for storage facilities that focus on servicing large vehicles. Yardi Matrix, the leading provider of data for the self storage industry, has stepped into the breach with the first national database of RV/boat exclusive storage facilities.

Usage of high-yield debt has increased in recent years, despite limited historical data and the high rate of defaults on mezzanine loans in the wake of the global financial crisis. A first-ever study of high-yield debt provides a glimpse into the sector’s performance and some insights for the real estate market going forward.

White-hot demand for housing across the country pushed multifamily absorption to an annual high just three quarters into 2021, according to Yardi Matrix data. The news is particularly good for gateway metros, which had negative absorption in 2020 due to the pandemic but have posted the highest absorption numbers so far in 2021.

Demand for industrial real estate has been transformed by the e-commerce revolution and growth in consumer spending. Total stock has jumped in recent years, while an unprecedented amount of new supply is in the pipeline. Will the key drivers of demand continue to support this growth, and what metros will see the biggest impact?

The COVID-19 pandemic has boosted demand for single-family rentals, prompting institutions to commit billions of dollars to the sector. Many institutions are finding SFR investments to be most efficient in large communities and are increasingly building their own. This paper highlights SFRs’ scope and property performance, collected by Yardi Matrix on more than 80,000 units.

The Q2 2021 BOMA International COVID-19 Commercial Real Estate Impact Study reveals that optimism around the return to the office is growing, mediated by tenants’ increasing clarity around the new normal of office and remote work practices. This is the second in a series of studies commissioned by BOMA International, underwritten by Yardi and developed by Brightline Strategies.

Environmental risk has been pushed to the forefront of commercial real estate by the growing number of weather disasters and concerns about climate change. Which markets pose the most risk to property owners? To find out, Yardi Matrix created a scorecard that grades metros on environmental factors and government response.

COVID-19 has transformed the office market, with empty spaces growing as companies implement flexible work schedules. Growing sublease space and shrinking demand have increased the U.S. vacancy rate by 240 basis points since April 2020, according to a new analysis by Yardi Matrix. What’s more, vacancy rates could rise significantly higher, depending on how companies handle return to work.

Multifamily rent growth was impacted as the pandemic forced work from home across many different industries. How soon will rents recover? This report evaluates the role of higher education in predicting market-specific rent growth prospects as the nation emerges from COVID-19.

Multifamily performance has rebounded quickly from the pandemic slowdown, with the exception of properties in urban gateway metro submarkets. According to a study of 78,000 properties in Yardi Matrix’s database, large occupancy declines in the last year have been concentrated in a handful of cities that may take years to recover.

Absorption of multifamily properties topped 250,000 units in 2020, an unexpectedly robust showing given the impact of COVID-19. Fast-growing secondary metros such as Dallas, Atlanta and Denver saw the highest absorption, while growth was negative in high-cost coastal metros. Although the industry faces challenges in 2021, the durability of demand is a good sign moving forward.

U.S. office property sales were heavily impacted by the COVID-19 fallout in 2020, dropping by nearly half year-over-year to $56.1 billion. However, the short-term loss of sales is likely just the beginning of the pandemic’s lasting impact on the office sector. There are numerous questions about future work-from-home trends and corporate office space needs, with the answers uncertain for now. Investors are watching closely to see where the sector lands.

Multifamily concessions rose sharply in the spring and fall of 2020 as multifamily demand waned due to job losses and social distancing measures. The impact was felt most in high-cost gateway markets, while secondary and tertiary markets benefited from the shift in demand. Concessions declined in the fourth quarter, raising possibilities that demand is recovering or rents are being reset.

Uncertainty caused self storage investment activity to stall during 2020’s second quarter, as’ with other commercial property types. The disruption appears to have been short-lived, however, as storage transactions began picking up again in the second half of the year.

After record multifamily transaction volume in 2019, sales plunged in 2020 due to COVID-19. The impact, however, wasn’t felt evenly across the country. A new white paper from Yardi Matrix looks at how sales activity changed, which regions were affected the most, and how investor demand will impact pricing and sales volume going forward.

Job losses during COVID-19 have varied greatly by metro. An analysis by Yardi Matrix found that metros with large tourism concentrations and high-cost Gateway metros fared the worst, while growing Sun Belt and Midwest markets lost the fewest jobs. However, the numbers provide hope for struggling markets to recover post-pandemic.

Multifamily and SFR rents fell in October as supply growth continues to delineate the direction of rents by metro. At the same time, the drop in starts presages another wave of rent growth in 2026 and beyond. Meanwhile, the market has begun to anticipate changes from the new administration in 2025.

Recent economic news including interest rate cuts and robust GDP and job growth have given the multifamily market a shot in the arm. Still, multifamily advertised rents fell slightly in September, and the heavy delivery pipeline will constrict rent growth in the near term.

Multifamily performance held steady in August as the market eagerly anticipates interest rate cuts in September. The hope is that lower rates will break the logjam in the transactions market and spur refinancing activity, but it also presages a slower growing economy.

Multifamily advertised rents rose in July on the back of the strong economy. Job growth remained robust while inflation continued to ease, raising hope for interest rate cuts. Meanwhile, July saw a resumption in advertised rent growth in high-supply markets where it had been negative.

Multifamily rents continued to rise in June, though increases were modest compared to the post-pandemic boom. The latest Matrix monthly multifamily report looks at markets where rent growth is strongest, and delves into how growth in expenses is challenging owners of both market-rate and affordable properties.

Multifamily performance was positive in May, but ongoing healthy demand is counterbalanced by the robust delivery pipeline in some markets. Meanwhile, with high interest rates continuing to put a lid on transactions, investors in search of deals may have to consider such creative alternatives as distressed properties, underserved markets and niche property segments.

Multifamily rents increased for the second straight month, as the market benefits from robust demand. Read Yardi Matrix’s latest monthly multifamily rent report for the latest data on absorption trends nationwide, and what it means for regions and individual markets.

The multifamily market produced solid rent gains in March, its strongest performance in 20 months. The market appears to be settling into normal seasonal patterns, as demand is holding up despite challenges posed by the economy and heavy supply growth in the Sun Belt.

Multifamily rents rose slightly in February, as metros in the Northeast and Midwest counteract declines in high-supply markets. Despite strong demand, sentiment toward the Sun Belt metros is beginning to lose its shine as investors worry about the impact of deliveries.

Multifamily rents nationally have leveled off as a strong delivery pipeline has counteracted ongoing strong demand. The impact of supply growth on rents, the slowdown in starts as construction debt costs rise, and the need for more deliveries to alleviate the nation’s housing shortage are key topics in the industry.

Multifamily rents extended their downward drop in December, falling for the fifth straight month, though they finished 2023 with a slight annual gain. Read the latest monthly report from Yardi Matrix to get the prognosis for demand and the outlook for important issues in 2024, including expenses, supply growth and interest rates.

Multifamily rents dipped in November, with the short-term outlook clouded by inflation, cooling job growth and the Sun Belt’s heavy delivery pipeline. A longer view, however, is more bullish, due to extraordinary rent growth over the last three years and prospects that demand will continue to match supply.

U.S. multifamily rent growth was slightly negative in October, as strong supply growth eroded rent gains in many fast-growing Sun Belt metros. Even so, demand for apartments remains robust, in line with the surprisingly strong economy and with homeownership increasingly out of reach as mortgage rates soar.

Multifamily rents declined in September due to softening demand and an increased housing supply in Sun Belt and Western markets. Still, the sector remains robust overall, thanks to strong job growth and household formation, despite challenges that include rising energy costs and higher interest rates.

Economic growth and the tight labor market have kept multifamily demand robust through August. Rents rose slightly in August and occupancy rates remained steady. However, there are headwinds that include the rapidly growing expense side of the ledger, led by mushrooming property insurance costs.

Multifamily rents inched up nationally in July on the back of strong demand. Top performing metros are rotating away from the Sun Belt to other parts of the country, as rent growth is increasingly driven by new deliveries.

While some markets are experiencing slowing growth, multifamily largely continues to perform well, with a solid 95.0% occupancy rate and moderate rent growth in most metros. But it will be challenged by the Federal Reserve’s attempts to cool the job market and the ongoing refinancing crisis.

Multifamily rents rose in May, with demand remaining solid in most regions. But the durability of demand is in question for reasons that include concern for an economic slowdown in the second half of the year. Read about this and more in Yardi Matrix’s May National Multifamily Report.

Multifamily rents rose in April, but less than previous years and in line with our forecast deceleration. Demand remains stable despite the slowing economy and tighter loan underwriting standards that will likely increase distress.

The troubles of the bank sector were the focus of attention in recent weeks. While they’ll constrain capital conditions for property owners, the good news is that multifamily fundamentals performance remained strong and U.S. asking rents increased in March for the first time since the fall of 2022.

U.S. multifamily asking rents were unchanged in February, as moderate absorption was matched by an increase in deliveries in some metros. All eyes are on the Federal Reserve and the impact of interest rate increases on job growth and multifamily demand.

Multifamily demand remained steady in January, with rents leveling off after a fourth-quarter dip. The sturdy job market is creating optimism for a soft landing in 2023, though industry players are apprehensive about the growing number of rent control measures and rapidly rising expenses.

Multifamily asking rent growth recorded its second best year this century in 2022, though it finished the year on the downside due to weakening demand and robust supply growth that has occupancy rates sinking. What do we expect in 2023? Despite headwinds, the market has positive drivers.

Headwinds are slowing multifamily growth, following months of economic slowdown. Still, compared to historical standards, rent, occupancy and absorption will end the year strong.

With all eyes on the Federal Reserve’s sharp increases in short-term interest rates, multifamily asking rents moved up a bit in October. The Fed’s actions have roiled the housing market, which is sure to impact multifamily demand, property values and investment strategies.

Multifamily rents remained unchanged in September, as year-over-year growth dropped below 10% for the first time since July 2021. Demand has slowed but occupancy remains high as the market adjusts to the cooling of the economy.

U.S. multifamily performance remains strong. Despite a deceleration in rent growth, asking rents are up 12.6% year-over-year through July, as demand continues to exceed supply. The National Multifamily Housing Council estimates that the U.S. needs 4.3 million new units built through 2035 to meet demand.

U.S. multifamily performance remains strong. Despite a deceleration in rent growth, asking rents are up 12.6% year-over-year through July, as demand continues to exceed supply. The National Multifamily Housing Council estimates that the U.S. needs 4.3 million new units built through 2035 to meet demand.

Multifamily continued its strong rent growth in June, with average U.S. asking rents rising $19 for the month to an all-time high of $1,706. Robust household formation is driving demand, as people who lived with family or friends during the pandemic have formed independent households. However, absorption is slowing, presaging a second-half deceleration.

Multifamily performance continued its strong run in May. Year-over-year rent growth decelerated slightly to 13.9%, but demand remains robust and broad-based regionally. That said, occupancy data shows signs of possible deceleration, and increased interest rates are creating questions about the durability of property values

Weakening U.S. economic growth has not stopped multifamily rents in their upward climb, as average asking rents rose $15 in April to an all-time high. The rate of growth remains elevated due to strong demand and a long-term shortage of housing that analysts estimate is between 2 million and 5 million units.

Multifamily rents surged again in March, as rent growth hit a record high for a first quarter. Demand is expected to remain healthy, but rent growth is likely to decelerate as concerns grow about the economy. Inflation is moderating slowly, and rising rents and energy prices may keep it elevated longer than expected.

Multifamily demand remained strong in February, as the industry prepares to enter the spring leasing season. Occupancy rates are extremely high in markets across the country, with housing demand outstripping supply. Rent growth once again rose to record levels, although the pace is likely to decelerate in coming months.

U.S. multifamily rents rose moderately in January, a mid-winter month when growth is normally tepid. Demand drivers remain healthy, producing strong rent and occupancy performance and attracting debt and equity investors into the sector. Property sales, pricing and mortgage origination are at all-time peaks.

The multifamily market closed the book on 2021 with strong performance, a good end to a year that featured robust demand and record annual rent growth. Although a repeat of 2021 is not likely, many of the trends that led to the stellar performance remain intact.

U.S. multifamily rent growth moderated in November, increasing only $4 over the previous month. Rent growth is likely to slow further, but demand should continue to be robust. Read more about this and other trends in Matrix’s November National Multifamily Report!

National average asking rents are up 13.7% YoY in October, reaching an all-time high of $1,572. Average U.S. occupancy also broke records this month, reaching a high of 96.1% in September for stabilized properties. Single family home rents also continued to grow.

Multifamily asking rents continue to soar. Average U.S. asking rents rose $16 in September to an all-time high of $1,558 and are up a record 11.4% year-over-year. However, there are signs of deceleration, as September’s rent growth was the smallest recorded since the surge began in February.

National asking rents increased by 10.3% in August, the first double-digit increase in the history of our data set, as nearly all the metros Yardi Matrix tracks exhibited positive YoY rent growth in August. The recovery in rents is widespread, fueled by job growth, excess savings and a return to urban cores.

The multifamily industry had another record-setting month with rents increasing by 8.3% YoY. The recovery is no longer limited to the Southeast and Southwest metros that fared well during the pandemic, gateway markets are also making a major comeback. Rents for single-family rentals in build-to-rent communities continue to grow at an even faster pace than multifamily, with national rents up 12.8% YoY.

Across the country, multifamily rents have skyrocketed. Year-over-year rents are up by double digits in nine of the top 30 markets, while national YoY rent growth is up 6.3%. Emerging from the pandemic, a perfect storm of migration, enhanced government stimulus and a hot housing market, among other factors, has enabled this historic growth.

The multifamily sector had another record-breaking month in May, with national rents recording their greatest increase in the history of our data set. All top 30 metros had positive month-over-month rent growth for the second consecutive month, with New York’s rent growth far surpassing the other metros.

For the first time since March 2020, all top 30 markets had positive month-over-month rent growth. But the real sign of recovery was the improved performance in many gateway markets.

Affordable metros in the West and Southeast continue to be the clear winners coming out of the pandemic. But even expensive coastal and gateway markets have begun to bounce back, albeit slowly.

Many markets experienced strong year-over-year rent growth in February, while others have begun to recover following rent declines in the summer and fall. However, urban cores continue to see rent declines. A major factor in their ability to bounce back is the percentage of the workforce that remains remote once the pandemic subsides.

Nationally, rents remained relatively flat in January, declining by 0.2% on a year-over-year basis. On the market level, some gateway markets appear to have hit bottom, while low-cost tertiary and secondary markets continue to see strong rent growth.

Nationally, multifamily rents ended the year relatively flat, with a slight downward tilt. But the extreme bifurcation between expensive gateway markets and their neighboring lower-cost metros continued into December. Get a complete recap of December market performance in our latest report.

National rents declined for the sixth consecutive month. However, many tech hub and tertiary markets are performing extremely well. Rents in many Midwest and even some Northeast markets have seen consistent growth, possibly benefitting from the exodus out of expensive gateway markets. Explore our latest report to learn how the top 30 markets ranked in terms of rent growth in the month of November.

The affordability crisis has put a spotlight on the need for more affordable housing, and this Yardi Matrix analysis provides insight into why some markets are more successful at producing housing that fits the budgets of cost-burdened households.

Faced with weakened demand fundamentals, particularly due to the housing market, the self storage REITs reported negative occupancy and revenue growth for Q3 2024. While advertised rates are declining month-over-month going into the slower winter season, however, advertised rate growth year-over-year continues to improve compared to the aggressive rent drops at the end of last year. That should continue into 2025.

While fundamentals and advertised rates remain weak, the self storage industry is cautiously optimistic, thanks to some positive movement. September’s interest rate cut has led to more certainty in the investment market, while REIT occupancy has flattened.

The self storage industry has mixed feelings on where performance is heading in the second half. Operators are pessimistic about 2024 results, given a shorter- and weaker-than-usual summer leasing season, while brokers and investors feel confident deal flow will pick up as performance finds a bottom and interest rates come down.

REIT results for Q2 2024 are in, and self storage growth has continued to decelerate, driven by reduced occupancy and persistently lower advertised rates. Moving into the second half, advertised rates started their seasonal decline one month earlier than usual, although year-over-year rates show improvement.

Rent trends and occupancy are returning to more normal, seasonal patterns. But progress has been slow, with storage demand well below prior years, resulting in below-average growth despite sequential increases in advertised rates over the past three months.

Dampened by high interest rates, the housing market has remained sluggish in 2024. That has influenced storage demand from home sales, causing a continued year-over-year decrease in street rates.

First quarter results are in, and performance in the self storage sector continues to slow. However, operators remain optimistic that existing customer rate increases will help hoist new customers to in-place rates quickly, in addition to increasing street rates going into the busy summer leasing season.

Street rate performance worsened in March, despite hope that the busier spring leasing season would bring improvements.

Storage performance slipped in 2023, and there are few signs that market conditions are picking up going into the busier spring leasing season. However, a turnaround in the housing market later this year or early in 2025—contingent on interest rate cuts—could unlock pent-up demand for housing and migration, thus fueling demand for self storage.

The mood in the self storage industry is one of cautious optimism as we enter a new year. Occupancy and asking rates are bottoming after a year and a half of rapid deceleration, and 2024 could see growth return to historic averages. But new demand will hinge on a rebound in the housing market.

The self storage industry continues to be impacted by a slowdown in housing demand. As a key storage demand driver, its performance is dampening storage occupancy and weighing down street rates. Read more about this and other trends in YardiMatrix’s December National Self Storage Report.

Elevated residential mortgage rates have slowed home sales and reduced population mobility, a major driver of demand for self storage. As a result, storage operators continue to lower street rates to attract new rentals.

Street rates continued to weaken in September, as the broader effects of the economy put pressure on demand.

Self storage is feeling the effects of the broader economy, with year-over-year street rates now negative for almost a full year. However, the industry has reason to remain optimistic. Read about this and other self storage trends in the September Yardi Matrix National Self Storage Report.

Self storage performance is feeling the effects of the broader economy, with a slowdown in the housing market and a deceleration in domestic migration impacting demand. Reduced move-in activity produced weaker-than-normal street rate performance in July. Read about this and other self storage trends in the August Yardi Matrix National Self Storage Report.

Slower move-in activity seems to be challenging street rates this leasing season and rate growth was muted in June. Despite moderating growth, overall street rates remained healthy through the first half of the year.

Self storage street rates have stayed stable, despite headwinds to demand caused by the slowing housing market. National street rates overall were level in May, with several unit types and sizes improving on a monthly basis.

Self storage occupancy has declined from pandemic highs, but so far demand remains steady and street rates are modestly increasing as the busy leasing season progresses. Near-term headwinds from the slowing economy and muted housing market could create downward pressure on demand.

Self storage has returned to its normal seasonality, making operators optimistic demand will stay strong. Street rates remain firm as the spring leasing season gets underway.

Despite street rate growth moderating further in February, the industry remains in a comfortable position as the spring leasing season approaches.

While street rates continued to moderate at the start of the new year, demand appears to be remaining steady, following several years of increased customer interest.

Despite headwinds such as street rates continuing to moderate and a slight waning in demand, self storage had another strong year. The outlook for the industry is optimistic as we enter 2023.

Street rates continued to decelerate in November, dropping from their peak levels. Nevertheless, performance remains healthy, with prices still higher than they were prior to the pandemic. Read about this trend and get the latest data in the Yardi Matrix December National Self Storage Report.

Street rates are softening in most markets, and it appears to be due to more than seasonality. While rates will likely remain above pre-pandemic levels, growth should continue to slow, especially compared to the last two years.

Storage street rates continued to decelerate in September, however, revenue growth remains strong. Strong fundamentals have contributed to growing development across the nation, renewing fears of oversupply in some markets.

Self storage street rates fell slightly from their record highs in August, as rate growth moderated both at the national level and in most metros. Despite a slowdown in rate performance, demand for storage remains healthy and development activity continues to increase.

Although street rate growth is moderating, strong demand kept rates at record highs in July. The healthy fundamentals are attracting developers, driving an increase in the new-supply pipeline.

Benefiting from robust demand, self storage performance remains strong and street rates continued to rise in June. Incentivized by the sector’s healthy fundamentals, the development pipeline also continued to grow through the first half of the year.

The self storage sector is still benefiting from strong demand driven by a variety of factors. That has allowed operators to increase street rates while maintaining occupancy, allowing national street rates to reach an all-time high in May.

As the traditional busy season begins for self storage, street rates continued to increase nationwide in April. There is no slowdown in momentum for the sector, which continues to see strong demand among new customers as well as an uptick in both renewals and length of stay among existing customers.

After a year of rapid increases, street rate performance cooled over the winter. However, seasonal growth is expected to return during the next several months, if with more modest rate gains than a year ago.

Street rates remained flat in February, but fundamentals were solid, enabling property owners to maintain 2021 gains. Continued pandemic-fueled demand is positioning the self storage industry for a strong spring rental season in 2022, with resultant healthy rent gains, particularly in Southeast and Southwest markets.

Self storage fundamentals were healthy in January, as street rates largely remain stable sequentially and above-trend on a year-over-year basis. High in-migration markets continue to produce the greatest demand and rent growth, while gateway markets are seeing moderate gains.

Last year was one of the best ever for self storage. Rent growth and occupancy rates were boosted by economic and consumer trends, prompting investors to flock to the sector and push prices up. Will 2022 be an encore year?

Amid ongoing strong demand for self storage properties, year-over-year rent growth remains high. However, rent growth has started to decelerate, with average rents dropping slightly in November. More details can be found in Yardi Matrix’s November Self Storage report.

Self storage rent growth has begun to decelerate, but growth remains extremely robust compared to a year ago. In October, national street rates were up 8.5% for 10x10 non-climate-controlled units and 9.8% for similar-size climate-controlled units. Demand has been driven by robust household formation, college students returning to campus, and migration to markets in the Southeast, Southwest and West.

Demand for self storage remained elevated in August and national rates stayed historically high, once again increasing on an annual basis. The new-supply pipeline continued to be robust at 8.6% of existing inventory.

Demand for self storage remained elevated in August, and national rates stayed historically high, once again increasing on an annual basis. Across the nation, the new-supply pipeline continued to be robust, at 8.6% of existing inventory.

The self storage industry has continued to experience exceptionally strong fundamental performance through July, seeing record setting national rates and increasing development interest.

Storage fundamentals remained strong through the first half of 2021, with June seeing rising street rates and steady development activity across the nation.

The storage sector continued to prove itself as a strong performer. The new supply pipeline is unwavering, and street rates across the country are climbing each month due to heightened demand.

Storage continued its positive momentum in April. Street rates had another strong month and continue to rise nationwide, while there has not been a meaningful shift in development activity.

Self storage continues to ride the demand tailwinds caused by COVID-related disruptions, benefiting sector fundamentals. Street rates are rising and development activity is strong across the nation as we move into the second quarter of 2021.

Aided by a COVID-driven boost in demand, storage maintained positive performance, with solid fundamentals. In February, the sector continued to see strong street rate improvements and development activity remained stable.

Strong fundamentals, including significantly improving street rate performance and stable development activity, are helping maintain a positive outlook for the self storage industry as we move into a new year.

The self storage industry ended the year strong, continuing to prove its ability to fare well even when faced with difficult economic conditions. Street rate performance improved substantially across the nation on an annual basis, and development activity remained relatively stable. Read the full report to learn which markets' street rates ended the year with historical highs.

The self storage industry continued to prove its resiliency in October, with ongoing improvements in street rates across the nation and development activity maintaining a steady pace in most markets.

The amount of flex space expanded again in the third quarter, as the office sector continued to evolve in response to remote and hybrid work. Read about this trend and get the latest data in this month's Yardi Matrix Office Monthly!

Despite headlines about major companies' return-to-office policies, utilization rates have remained mostly unchanged in 2024. Read about the state of return-to-office and get the latest data in this month's Yardi Matrix Office Monthly.

Following the pandemic, life science space was in high demand—and developers responded quickly. Now, as funding into the sector has cooled, many owners are left with vacant lab space. What are the implications? Read about this trend and get the latest data in this month's Yardi Matrix Office Monthly.

A new analysis from Yardi Matrix—soon to be incorporated into the Matrix service— that scores office buildings based on feasibility for conversion shows more than 1.2 billion square feet possessing characteristics that offer strong potential for conversion to residential space. Find out which markets have the most properties rated as top conversion candidates and get the latest data in this month's Yardi Matrix Office Monthly.

Office loan defaults are rising, demand for space remains weak, and valuations are falling. Yet hundreds of billions of dollars in office loans are set to mature over the next three years. Read about what this means for the sector and get the latest data in this month's Yardi Matrix Office Monthly.

The future of office is growing clearer in 2024, with owners coming to terms with lower utilization rates and reduced valuations. Read about what’s in store for the sector and get the latest data in this month's National Office Report.

Debt service coverage ratios for office buildings have been declining in recent years. New research from Yardi Matrix shows many markets at risk of distress from offices that lack the income to cover their debt obligations.

Flex space has increased to 124.8 million square feet in the past year, and the vast majority of the growth has been in suburban submarkets. Read about this trend and get the latest data in this month's Yardi Matrix Office Monthly!

No metric that attempts to quantify the impact of remote work is perfect, but comparing the available data paints a more complete picture of how office utilization looks in 2024.

Falling demand and rising interest rates have impacted office valuations and consequently, prices. More than one in five properties sold since the start of 2023 traded at a lower price than their previous sale. And discounted sales are likely to rise this year.

This year will be another difficult one for the office sector. Read about this year's outlook and get the latest data in this month's Yardi Matrix Office Monthly.

Office loan defaults are set to rise in coming quarters. Demand is down, expenses are up and nearly $150 billion in office loans are maturing before the end of next year. Find out what this means for the sector and get the latest data in Yardi Matrix December National Office Report.

As office vacancies continue to rise, conversions are gaining greater consideration. Despite a new plan from the White House, though, office-to-residential conversion faces an uphill battle. Read about the challenges and get the latest data in this month’s Yardi Matrix Office Monthly.

Companies that move their office to the suburbs are increasingly looking towards vibrant mixed-use developments that mimic city centers. Read about this trend and get the latest data in this month’s Yardi Matrix Office Monthly

Remote and hybrid work have become entrenched, but many large firms—and the federal government—have been moving forward with return-to-office mandates. Read about this trend and get the latest data in this month’s Yardi Matrix Office Report.

While venture capital investment has dropped in the past 12 months, life science properties continue to trade at a premium, and the sector maintains a positive long-term outlook. Read about this and get the latest data in this month’s Yardi Matrix Office Monthly.

While much of the office sector has been upended by remote work, medical office has been a steady performer in recent years and is poised to grow in the future. Read about this trend and get the latest data in this month’s Yardi Matrix Office Report.

While remote and hybrid work has flourished everywhere over the last few years, some markets are experiencing a much higher concentration than others, leaving them more vulnerable to the challenges of the current office market. Read about this trend and get the latest data in this month’s Matrix Office Monthly!

Driven by the widespread adoption of hybrid work strategies and the desire for more flexible lease terms, demand for flexible office space has continued to grow.

With office vacancy rates rising nationally, conversions are becoming an attractive opportunity. However, limitations do exist.

Falling demand and rising interest rates will pose a challenge for office owners with loans maturing soon. Find out which markets have the highest concentration of loans maturing in the next few years and get the latest data in this month’s Yardi Matrix Office Monthly.

Anticipated since the start of the pandemic, distressed office activity looks likely to pick up momentum in 2023. Read about this trend and get the latest data in this month’s Yardi Matrix office monthly.

Nearly three years after COVID-19 forever changed the office market, the sector is still adapting. Read about what we expect for 2023 and get the latest data in this month’s Yardi Matrix Office Monthly

After years of rapidly expanding payrolls, tech firms are now laying off workers and downsizing office footprints. Read about what this means for the office sector and get the latest data in this month’s Yardi Matrix Office Monthly!

Already faced with numerous headwinds as a consequence of the COVID-19 pandemic, the office sector is further stymied by growing interest rates. Read about this trend and get the latest data in this month’s Yardi Matrix Office Report.

Demand for flexible office space is increasing rapidly, leading to an expansion of operators offering space. Established players are opening new locations, brokerages are increasing investments in the subsector and owners and landlords are exploring converting vacant space into coworking. Read about this trend and get the latest data in this month’s Yardi Matrix Office monthly.

Demand for life science space has kept the sector’s performance strong this year, with lab space trading at high prices and developers rushing to add more in markets where life science firms cluster. Even the tertiary cluster markets are growing. Read about this trend and get the latest data in this month’s Yardi Matrix Office Monthly.

When COVID-19 swept the U.S., some predicted it would lead to the end of coworking. Today, however, shared space has reemerged as a viable alternative to the traditional office lease, helping fill the gaps left by remote and hybrid work.

Despite seeming like an obvious solution to both falling office demand and housing shortages, conversions of office buildings to multifamily and condos remain rare. Most conversions are concentrated on the Eastern seaboard and are delivering only luxury units. Read about this trend and get the latest data in this month’s Yardi Matrix Office Report.

Many major firms are deploying return-to-office strategies this year. Employee pushback, inflation and rising rates are just a few of the headwinds that the industry faces in a post-pandemic world. Read about this trend and get the latest data in this month’s Yardi Matrix Office Monthly.

The pandemic upended many aspects of office real estate, but mixed-use developments continue to be attractive. Read about this and get the latest data in this month’s Yardi Matrix Office Monthly.

While the pandemic has slowed development, markets with strong domestic migration or life sciences clusters continue to attract new projects. Read about this trend and get the latest data in this month’s Yardi Matrix Office Monthly.

As the pandemic wanes, many companies are looking for ways to entice workers back into the office, driving demand for high-quality space. This so-called “flight to quality” is already playing out in some major markets. Read about this trend and get the latest data in this month’s Yardi Matrix Office Report.

While many subsectors of commercial office have faltered in the last two years, medical office buildings have been a bright spot, attracting increased interest from institutional investors.

For the second time, a wave of coronavirus cases driven by a new variant has delayed many companies’ return-to-office plans. Read about what this means for commercial offices and get the latest data in this month’s Matrix Office Report.

The continued uncertainty around the future of remote work is leading occupiers to want more agility from their office space. Read about the direction coworking is taking and get the latest office data in the Yardi Matrix Office Monthly.

Pittsburgh rents inched up 0.3% on a T3 basis as of August, 140 basis points behind the national rate. The average rent in the metro was $1,211. While recovery is well underway, a lengthier rebound is forecast here.

While the future of the office sector is still uncertain, recent purchases, lease signings and new construction suggest that large tech firms are still committed to physical office space.

While the office sector as a whole has struggled for the last 18 months, demand for life sciences facilities has intensified during the pandemic. Read about this trend and get the latest data in this month’s report.

The spike in COVID-19 cases and hospitalizations driven by the Delta variant has forced many firms to delay post-Labor Day plans to return to the office. Nonetheless, listing rates have not dropped, and sales continue to occur. Read about these developments and get the latest data in this month’s report.

Investors are pursuing underperforming office assets for life science or multifamily use. But conversions are not a fit for every asset. Read about this trend and get the latest data in this month’s office report.

While many buyers and sellers in the office sector are in a holding pattern, there is capital available for certain assets. Sales this year have skewed toward high-quality assets, medical office and buildings with the potential to be converted into lab space.

Sublease space has climbed since the start of the pandemic, as many firms look to reduce their office footprint. Among the top 30 markets covered by Yardi Matrix, 20 saw total available sublease space more than double.

With nearly a quarter of the population fully vaccinated against COVID-19, companies are beginning to plan their return to the office later this year. The reported plans of large tech companies offer a glimpse into how a return may unfold.

As the one-year anniversary of early coronavirus lockdowns nears, office vacancy rates continue to climb in most U.S. markets. New supply in progress has continued to be delivered but is forecast to decline in coming years. Read about the latest trends and data in this month’s Yardi Matrix National Office Report.

As the one-year anniversary of early coronavirus lockdowns nears, office vacancy rates continue to climb in most U.S. markets. New supply in progress has continued to be delivered but is forecast to decline in coming years. Read about the latest trends and data in this month’s CommercialEdge National Office Report.

A picture of how coworking may look in the post-pandemic world is beginning to emerge. Meanwhile, vacancy rates for traditional office space have spiked in the past year, though not all markets are seeing equal bumps.

Last year was a tough one for the office sector, due to the COVID-19 pandemic. Things may turn around in 2021, but the path forward is murky. Read about trends impacting the office sector and get the latest supply and listing rate data in this month’s CommercialEdge National Office Report.

With vaccines for COVID-19 rolling out this month, the long-term prospects of the office industry are relatively optimistic. However, the outlook for the next few years is uncertain. Read about this and other trends and get the latest data for the commercial industry in this month’s CommercialEdge report.

East Coast ports avoided significant disruption when dock workers and operators reached a tentative labor agreement earlier this month. Read about what this means for the industrial real estate sector and get the latest data in this month's Yardi Matrix Industrial Monthly.

The e-commerce boom waned in 2023, but the sector has returned to solid, steady growth in 2024. Read about this trend and get the latest data in this month's Yardi Matrix Industrial Monthly.

Southern California’s industrial market is experiencing softness as record levels of new supply are delivered, but the long-term outlook is still good. Read about this trend and get the latest data in this month’s Yardi Matrix Industrial Monthly.

Industrial supply has slowed following years of record-level new development. But the deceleration won't last forever. Read about this trend and get the latest data in this month's Yardi Matrix Industrial Monthly.

The average sale price of industrial properties has risen this year in spite of increased borrowing costs, a wave of new supply and normalizing demand. Read about what this means for the future of the industrial sector and get the latest data in this month's Yardi Matrix Industrial Monthly.

Spending on manufacturing construction has skyrocketed in the past two years, driven by semiconductors and clean energy technologies. Last month, the Biden Administration announced tariffs on imports of these products from China, which will boost manufacturers in the sector.

While major bottlenecks are no longer an issue, supply chains are back in focus, thanks to the bridge collapse in Baltimore and disruptions in major shipping channels. Read about what this means for the industrial sector and get the latest data in the most recent Yardi Matrix Industrial Monthly.

Advances in artificial intelligence require additional data centers, and development is picking up pace. However, the technology is resource intensive, creating obstacles for new construction. Read about this trend and get the latest data in this month's Yardi Matrix Industrial Report.

After two years of historic new-supply levels, the pipeline has been shrinking in recent quarters. However, long-term demand drivers suggest the slowdown will not be permanent. Read about the evolution of the new-supply pipeline and get the latest data in this month's Yardi Matrix Industrial Monthly!

The industrial real estate sector is expected to cool further this year, but the outlook remains strong. Read about what we anticipate for 2024 and get the latest data in this month's Yardi Matrix Industrial Monthly.

The past year was one of transition and normalization for industrial real estate. What were the net results? Read about the biggest trends of 2023 and get the latest data in this month's Yardi Matrix Industrial Monthly.

Electric vehicle manufacturing is steering demand for industrial space, and not just for vehicle assembly facilities. Read about the impact battery production and supplier networks will have on the industrial market in the latest Yardi Matrix Industrial Monthly.

While e-commerce sales have normalized after exploding early in the pandemic, they will continue to be a significant driver of industrial demand going forward. Reas about this and get the latest data in this month’s Yardi Matrix Industrial Report.

New industrial supply is set to slow in the near future, following a drop in starts this year. However, it won’t take long for the sector to recover, given positive long-term demand drivers. Read about this trend and get the latest data in this month’s Yardi Matrix Industrial Monthly.

The multiple interest rate hikes by the Federal Reserve over the past year and a half have impacted industrial real estate, slowing both new supply and sales volume. Read about this and get the latest data in this month’s Yardi Matrix Industrial Monthly.

Spending on new manufacturing construction has more than doubled in the last year and a half, with semiconductors and electric vehicles leading the way. Read about what this means for the industrial sector and get the latest data in this month’s Yardi Matrix Industrial Monthly.

Firms are looking for ways to avoid a repeat of the supply chain backlogs that occurred in 2021 and 2022. One response has been the nearshoring of manufacturing to Mexico, driving demand in industrial markets near the Southern border. Read about this trend and get the latest data in this month’s CommercialEdge Industrial Monthly.

Ports along the East Coast and in the Gulf of Mexico are challenging Southern California’s dominance. But demand remains strong in West Coast industrial markets, with the Inland Empire and Los Angeles leading in rent growth. Read about this trend and get the latest data in this month’s Yardi Matrix Industrial Monthly.

A significant portion of industrial property loans are coming due over the next three years as prices and transaction activity soften. However, industrial demand remains strong in the face of growing negative sentiment about commercial real estate. Asking rents rose 2.0% in the first quarter of 2023 and are up 7.1% year-over-year.

The surging electric vehicle industry will fuel demand for industrial real estate. Read about this trend and get the latest data in this month’s Yardi Matrix Industrial Monthly

Demand for industrial space remains robust, especially in port markets. As a result, leasing spreads are large as owners capture the increases. Read about this trend and get the latest data in this month’s Yardi Matrix Industrial Monthly.

While the sector has cooled from its red-hot growth in recent years, industrial will continue to be an attractive asset class in 2023. Read about what we expect for this year and get the latest data in this month’s Yardi Matrix Industrial Report.

The pandemic-driven boom in e-commerce sales continues to impact industrial real estate. Read more about this trend and get the latest data in this month’s Yardi Matrix Industrial Monthly.

Despite economic headwinds, the outlook for the industrial sector remains promising. Read about this trend and get the latest data in this month’s Matrix Industrial Monthly!

Industrial rents are rising as new supply fails to keep up. But some markets are bucking the trend. Read about the variables impacting market performance and get the latest data in this month’s Yardi Matrix monthly

Challenged by global supply-chain issues since the start of the pandemic, some manufacturers with overseas facilities are now considering bringing production back stateside. The reshoring of manufacturing will slowly play out over the coming decade, permanently altering the industrial real estate sector. Read about this trend and get the latest data in this month’s Yardi Matrix Industrial Monthly.

Delays in industrial space deliveries are stressing the market, while port-adjacent locations are demanding a premium. Read about these trends and get the latest data in this month’s Yardi Matrix Industrial Monthly Report.

With locations for new industrial space increasingly hard to come by, occupiers and developers are trying different approaches to meet demand. Read about this trend and get the latest data in this month’s Yardi Matrix Industrial Monthly.

After dramatically expanding the size of its industrial footprint during the pandemic, Amazon is now pausing projects and looking to sublease space. Read about this trend and get the latest data in this month’s Yardi Matrix Industrial Monthly Report.

The economy hit a rough patch in the first quarter due to inflationary pressures and rising energy prices, but demand for industrial space continues to be robust. The national occupancy rate is low and rents are rising rapidly, particularly in coastal markets with major ports. Delivery of new space continues apace despite difficulties brought on by rising construction costs and supply shortages.

Southern California’s industrial real estate demand is far exceeding the rest of the nation. Key markets are seeing the tightest vacancy rates in the country, driving the highest rent growth rates and price appreciation. Read about this trend and get the latest data in this month’s Yardi Matrix Industrial Report.

Industrial deliveries hit an all-time high in 2021, largely driven by pandemic-era growth in e-commerce, and the supply pipeline indicates that new records will be set in coming years. Read about this trend and get the latest data in this month’s Matrix monthly report.

Nearly every port has seen record activity, but last year the ports of Savannah and Charleston set records for the number of containers handled. That has led to unprecedented development in the region. Read about this trend and get the latest data in this month’s Matrix Industrial Report.

The COVID-19 pandemic has driven demand for cold storage facilities in the past two years, while Southern California’s ports have led in rent growth. Read about these trends and get the latest data in this month’s Yardi Matrix Industrial Monthly.

While e-commerce growth decelerated in the third quarter, online sales continue to fuel industrial demand for the near term and remains above pre-pandemic levels.

The shortage of computer chips has limited production of countless goods. Billions of dollars are being spent to build chip fabrication facilities stateside, which could have a long-lasting impact on American manufacturing. Read about this trend and get the latest data in this month’s Matrix Industrial Report.

Traditional automakers and upstart companies are ramping up production of electric vehicles to compete with Tesla’s dominance of the market. This is adding demand to an already tight industrial market. Read about this trend and get the latest data in this month’s Yardi Matrix Industrial Monthly.

The largest ports in the country are busier than ever, driving demand for industrial assets.

As the world becomes increasingly digital, demand for data centers is growing. Read about this trend and how the Infrastructure Investment and Jobs Act could shape the future of this industrial subsector.

Intense investor demand for industrial assets is driving up the average sales price. Read about this trend and get the latest data in this month’s report.

Industrial continues to be one of the hottest real estate asset classes, with sale-leasebacks growing more attractive to both buyers and sellers during the pandemic. Find out why and where these transactions are happening in the latest Yardi Matrix Industrial Monthly.

With a massive real estate footprint, e-commerce behemoth Amazon is influencing both the industrial real estate investment and development markets.

Southern California has the hottest industrial markets in the country, and demand from Los Angeles and the Inland Empire has spilled over into Phoenix. Read about this trend and get the latest data in this month’s Yardi Matrix Industrial Report.

Appetite for industrial space is strong across the country, but new development is being influenced by availability of land and impacting rents. Read about this trend and get the latest data in this month’s Yardi Matrix Industrial Report.

Appetite for industrial space is strong across the country, but new development is being influenced by availability of land and impacting rents. Read about this trend and get the latest data in this month’s CommercialEdge Industrial Report.

Industrial real estate is set for continued growth, following the new highs for demand. E-commerce will continue to gain a growing share of retail sales and the economic recovery will fuel growth with replenished inventories and increased global trade.

Industrial real estate is set for continued growth, following the new highs for demand. E-commerce will continue to gain a growing share of retail sales and the economic recovery will fuel growth with replenished inventories and increased global trade. Read about these trends and get the latest data in this month’s CommercialEdge Industrial Report.

CommercialEdge’s new monthly report explores how the pandemic has caused e-commerce to explode and propelled the industrial sector to outperform other commercial real estate asset classes. Get the details, along with the latest data on rents, vacancy, new supply and transactions in the inaugural edition of our National Industrial Report.

Yardi Matrix’s newest monthly report explores how Industrial has outperformed other commercial real estate asset classes. Get the details, along with the latest data on rents, vacancy, new supply and transactions in this report.

What are the prospects for multifamily in the second half of 2024? Performance continues to benefit from the strong economy and robust demand, while facing headwinds that include a large number of deliveries in some markets and higher-for-longer interest rates. Yardi Matrix’s mid-year 2024 outlook looks at how these issues will impact the market.

Multifamily demand is likely to remain healthy in 2024, though rent growth will be tested by decelerating economic growth and a rapid supply uptick in some markets. The higher interest-rate environment will stress property values and threatens to increase loan defaults. Yardi Matrix’s 2024 U.S. Multifamily Outlook covers those issues and much more.

Multifamily performance remained strong through mid-year 2023, as the robust job market boosted housing demand and rent growth. Yet the market faces challenges related to the potential economic downturn and rising interest rates that have eroded property values and is likely to lead to an increase in distress.

As we start 2023, multifamily faces numerous challenges, including the softening economy, slowing migration, issues with affordability, pricing uncertainty and higher mortgage rates that could produce an uptick in defaults. Nonetheless, Yardi Matrix expects that apartment demand will remain strong and the outlook is generally positive.

The multifamily market produced exceptional rent growth in the first half of 2022, driven by robust household formation, strong employment growth and households getting frozen out of homeownership. The sector, however, is at an inflection point as soaring inflation is prompting the Federal Reserve to raise interest rates to reduce growth.

The rebounding economy and robust demand created near-perfect conditions for multifamily in 2021, leading to record-high rent growth and absorption. Insatiable investor demand produced chart-topping sales volume and pricing. Yardi Matrix’s 2022 National Multifamily Outlooks provides insights on what to expect in 2022.

Multifamily is emerging from pandemic shutdowns with all the ingredients for a strong second half of 2021. Tenant demand is higher than it has been in more than a decade, producing robust rent growth across the country. It continues unabated in fast-growing secondary markets, while gateway markets are rebounding quickly. Plus, the capital markets are favorable, thanks to high investor demand and liquid debt markets.

After a year dominated by COVID-19, what will normal look like for the multifamily market and economy? The recovery might linger until the second half of 2021, depending on vaccine deliveries. High-cost gateway markets, which suffered the greatest impact from the pandemic, are looking to recover, while secondary metros in the Sun Belt, Midwest and Southwest hope to continue their momentum.

The student housing industry wrapped up a stellar leasing season with more than half of the Yardi 200 schools achieving at least 95% occupancy. Rent growth slowed to 4.2% by September but has averaged 5.8% throughout the leasing season, thanks to stronger rent growth early in the leasing season, when most beds preleased. That compared to 6.8% growth last year.

Surveyed preleasing for the Yardi 200 reached 92.9% in August 2024, 20 basis points ahead of August 2023, as many markets welcomed student tenants back during the month. Rent growth slipped to 4%, as properties strove to fill up late in the leasing season, but has averaged 5.8% since October 2023.

Surveyed preleasing for the Yardi 200 schools reached 89.2% in July 2024, falling slightly behind July 2023 after leading for most of the leasing season last year, while advertised rent growth slowed to 4.7% from close to 7% early in the leasing season. Preleasing is still noticeably ahead of its pre-pandemic trend and rent growth is well above conventional multifamily, thanks to favorable supply-demand fundamentals.

The Yardi 200 schools reached 85.2% surveyed preleasing as of June 2024, matching June 2023 and outpacing previous years. Average advertised rent was 5% year-over-year but flat over the past three months. Rent growth has slowed throughout the leasing season, but remains solidly above previous years and well above multifamily. Read about these and other trends in Yardi Matrix’s July National Student Housing Report.

Student housing preleasing continued to match last year’s record pace, driven by strong enrollment trends and limited new supply. Rent growth remained strong, at 5.3% in May and averaging 6% during the leasing season, significantly outpacing general multifamily. However, there is some concern that delays in FAFSA processing could affect preleasing in the summer months and enrollment in the longer term.

With the leasing season one of the best yet, the tone at the recent Interface Student Housing Conference was very positive. At 73.5% in April, preleasing was similar to last year’s record pace, while rent growth moderated to 5.5% but remained well above average for the sector and for commercial real estate overall.

Preleasing continues to surpass all previous years, and rent growth remained strong in March. Preleasing hit 67.7%, 2.4% ahead of last year’s pace, while rent growth reaccelerated to 6%. Strong performance is being driven by an uptick in enrollment growth in fall 2023.

The 2024-2025 leasing season is starting to look more like last year, although it’s still moving at a historically fast pace. Rent growth has slowed as we get into the heart of the leasing season, though there are signs they may be bottoming. Yardi Matrix will host a webinar April 18 at 1 PM EST with a detailed dive into these trends and more at a market level.

Preleasing reached 54.5% in January 2024, 7.1% ahead of January 2023, while rent growth slowed but remains still solid at 4.4%. Read about these trends and more in the Yardi Matrix February National Student Housing Report.

Preleasing for the 2024-2025 school year was 9% ahead of December 2022. Rent growth slowed to 4.9% but remains above all other property sectors. Read about this trend and more in the Yardi Matrix January National Student Housing Report.

Preleasing for the Yardi 200 hit 25% in October, 15% ahead of preleasing at the same time last year, while at $856 rents per bed were up 6.6% year-over-year.

Student housing preleasing for the Yardi 200 reached 95.1% in September 2023, below last year but above previous years. Rents of $846 per bed were 6.1% higher than last year, and the sector has averaged 6.3% year-over-year rent growth throughout the leasing season.

Student housing entered the fall 2023 semester with preleasing at 94% and rent growth of 6.9%. Preleasing started the year strong, tracking an average of 6% ahead of last year’s rapid pace until spring, though since falling back in line with last year’s trend. Rent growth has averaged 6.8% since October, vs. 3.6% growth the previous leasing season and 2.2% in prior years.

Student housing preleasing neared a record high in July, with rent growth ahead of last year. Fundamentals slowed month-over-month but remained well above previous years, and the sector is in prime position entering the fall 2023 semester.

The industry has remained unscathed by economic conditions, with record-breaking rent growth and leasing activity, but high interest rates and tightening lending standards have halted student housing transactions.

Preleasing activity and rent growth continued to gain steam through the first quarter, and momentum is expected to continue for the remaining six months of the leasing season

The fall 2023 leasing season is off to a hot start, with another record-breaking month of preleasing activity and strong rent growth. As the next school year approaches, fundamentals point to another solid year for student housing.

The fall 2022 school year started with a record number of bedrooms preleased and solid annual rent growth. While rent growth is starting to cool, fundamentals still point to a positive outlook for the industry.

Student housing had another quarter of record-breaking leasing activity and rent growth, which in turn is driving continued investor interest. Yet there are small signs of some slowdown in the coming year.

The student housing industry continues to perform exceptionally well, with preleasing for the fall term off to a very strong start and annual rent growth exceeding pre-pandemic levels. While the rate of growth may dampen, the industry will continue its solid performance, particularly at the larger, more selective universities.

The student housing industry has largely recovered from the pandemic despite news of decreased enrollment. The preleasing period for the fall 2021 term ended stronger than in 2019, and leasing is off to another hot start for the upcoming fall term, at 26.7% as of November. Annual rent growth is also nearing pre-pandemic levels, at 2.2% as of December, just below 2019 levels of 2.4% rent growth.

The outlook is bright for student housing fundamentals as the U.S. emerges from the pandemic. Most universities have announced in-person instruction plans for the fall, and pent-up demand from students who took a gap year, 2021 high school graduates and gradually returning international students will fuel growth in preleasing and rents leading up to the fall term.

Yardi Matrix’s new quarterly report finds prelease activity for the upcoming fall term lagging as students and parents take a wait-and-see approach. Get the details, along with the latest data on rent growth, new supply and transactions, in the inaugural edition of our National Student Housing Report.

Cleveland advertised asking rents increased 0.2 percent on a T3 basis through August to $1,196, while the national average rose only 10 bps . Occupancy rate slid just below the national average of 94.7 percent.

Indianapolis’ advertised asking rents were up 3.0 percent YoY through August, well above the 0.4 percent national average. Bucking trends, completions through the first eight months reached 3,149 units, just 300 short of last year’s total.

Advertised asking rents in South Florida remained flat on a T3 basis, at $2,449, 10 bps below the national average. The metro’s occupancy was also unchanged YoY,at 95.5 percent in July.

Orange County’s stock had expanded just 0.7 percent year-to-date in August, with occupancy inching down 10 bps YoY through July to 96.6 percent. Continued demand boosted rent growth by 0.7 percent YoY through August to an advertised asking rate of $2,772, while the per-unit sales price rose 5.6 percent year-to-date.

Pittsburgh advertised asking rents increased 0.4 percent on a T3 basis through August to $1,388, while the U.S. rate rose only 0.1 percent . Occupancy also outpaced the nation, rising to 95.5 percent as of July.

Advertised asking rents in Portland were up 0.4 percent on a T3 basis, to $1,775, 30 bps above the national average. The metro’s supply pipeline represented 2.8 percent of existing stock, 110 basis points higher than the U.S. rate of completions.

Richmond’s advertised asking rents rose 0.3 percent on a T3 basis through August, to $1,542, 20 bps ahead of the U.S. average. That was despite robust supply, with 3,934 units coming online YTD, up 500 YoY, and starts only slightly down.

After five years of stock expansion , Salt Lake City experienced a slight 10 bps loosening in occupancy but a 1.6 percent drop in average advertised asking rents YoY, while the U.S. average rose 0.8 percent.

Advertised asking rents in San Antonio fell 2.4 percent YoY in August to $1,257, while the U.S. growth rate rose 0.8 percent . Robust supply has cut into occupancy, which was down another 70 bps YoY, to 91.4 percent as of July.

St. Louis advertised asking rents rose 3.8 percent YoY through August to $1,275, well above the 0.8 percent national rate. However, the metro’s occupancy dropped 80 basis points YoY in July to 93.5 percent.

Albuquerque’s advertised asking rents rose 0.5 percent on a YoY basis through July, 20 bps ahead of the U.S. growth rate. Amid high volumes of deliveries, occupancy decreased 50 bps YoY to a still healthy 94.9 percent in June.

Chicago’s average advertised asking rents were up 2.0 percent YoY through July, to $1,938, maintaining momentum, while the T3 rate was 0.4 percent, 10 basis points higher than the nation’s. Following two strong years for inventory expansion, completions amounted to only 2,957 units through the first seven months.

Advertised asking rents in Columbus were up 0.2 percent on a T3 basis in July, to $1,297, 10 basis points below the national increase. Rents were impacted by a 40 bps softening in occupancy YoY as upscale deliveries increased.

Denver’s advertised asking rents rose 0.5 percent on a T3 basis and 1.1 percent YoY through July, above the U.S. rate on both counts, even while its multifamily stock expanded 2.1 percent year-to-date. Occupancy in stabilized assets also points to steady demand, down just 30 bps YoY through June to 94.8 percent.

Jacksonville’s advertised asking rents were flat on a T3 basis through July, at $1,502. As of June, the metro’s occupancy rate dropped to 92.5 percent, as pressure from recent deliveries mounts while another 13,392 units are under construction.

Advertised asking rents were up 0.4 percent, 10 bps ahead of the U.S., to $1,479 in July, with the upscale Lifestyle segment leading improvement at 0.7 percent. Occupancy remained strong though down slightly to 96.2 percent in June, while development was not significantly impacted by economic headwinds.

After a steady second quarter, Nashville’s advertised asking rents decreased 0.1 percent on a T3 basis through July, to $1,636, the first negative performance since February. Occupancies also softened, thanks to the highest number of deliveries in at least a decade.

Phoenix’s advertised asking rent growth decreased 10 bps on a T3 basis through July, to an average of $1,579, aftera significant 30,000 units came online over the past 31 months. But, occupancy in stabilized assets slid just 30 bps YoY to 93.4 percent as of June.

The borough’s advertised asking rents rose 1.1 percent on a T3 basis through July to $3,075, well above the nation’s growth rate. Coupled with a tight 98.8 percent occupancy rate as of June, it paints a picture of stability for Queens.

Advertised asking rents in Minneapolis-St. Paul were up 0.1 percent on a T3 basis as of July, to an average of $1,512, 20 basis points below the U.S. growth rate . The metro’s transaction activity also picked up, with $624 million in assets changing hands, bucking national trends.

Atlanta’s YoY rent growth remained among the weakest in the U.S., with the average advertised asking rent down 3.6 percent in June while the national rate was up 0.6 percent. Occupancy also declined, down 80 bps YoY through May to 92.4 percent, well below national levels.

Advertised asking rents in Baltimore rose 0.5 percent on a T3 basis in June, to $1,717, 20 basis points higher than the national rate, as development slowed. The metro delivered just 753 units in the first six months and broke ground on only 800.

Advertised asking rents in Brooklyn matched U.S. growth at 0.3 percent on a T3 basis through June but far outpaced YoY growth at 3.9 percent versus the nation’s 0.6 percent. That’s despite being more than double the national average at $3,634.

Charlotte’s advertised asking rents were up 0.1 percent on a T3 basis through June, below the national average of 0.3 percent, as higher-than-average new deliveries and another 35,000 units underway put pressure on the market. However, the metro’s occupancy remained a respectable 93.6% as of May.

Advertised asking rents in Detroit were up 0.6 percent on a T3 basis in June, clocking in at $1,277, 30 basis points higher than the national rate. It helped that developers added just 1,065 units in the first six months, and the metro’s delivery rate of 0.5 percent of existing stock was nearly half the national level.

The Inland Empire’s average advertised asking rents registered a comeback in the second quarter, up 0.4 percent on a T3 basis through June to $2,140. Occupancy in stabilized assets was down 50 bps YoY to 95 percent in May but remained above the national average.

Kansas City’s average advertised asking rents picked up again during the second quarter, rising 0.6 percent on a T3 basis through June to $1,292, double the U.S. rate. Occupancy was down 90 bps YoY in May, to 94.3 percent, presenting a mixed bag for the market.

Bolstered by one of the highest employment growth rates in the nation, Las Vegas’ rent growth is on an upward trend, with advertised asking rents up 0.5 percent on a T3 basis in June to $1,484. The occupancy rate bucked national trends, rising 40 bps year-over-year as of May to 93.3 percent.

Advertised asking rents were up 4.8 percent YoY in Manhattan as of June, reaching $4,941 and outranking the rest of the nation. Investments increased slightly, reaching $621 million YTD through June, while the supply pipeline stayed solid, with 12,700 units under construction.

Philadelphia’s advertised asking rents increased 0.6 percent on a T3 basis through June, double the U.S. rate, reaching $1,766. As of May, the metro’s occupancy rate in stabilized assets remained well above the national average of 94.5 percent.

Sustained supply growth since the pandemic began is keeping rents down. The advertised asking rate dropped 5.8 percent YoY in May to $1,620, while the national average increased 60 bps to $1,733.

DFW’s strong economy has sustained demand for apartments, pushing advertised asking rents up 0.2 percent on a T3 basis through May to $1,540. But occupancy was down 90 bps YoY through April to 92.9 percent.

Houston’s employment ranked third in the U.S., which helped sustain demand for apartments and keep advertised asking rents on an upward trend, rising 0.2 percent on a YoY basis to $1,355. Yet occupancy lags, down 90 bps YoY through April to 92.5 percent.

Advertised asking rents in Orlando mirrored the U.S. growth rate at 0.3 percent on a T3 basis in May, clocking in at $1,789. Despite a slowdown in deliveries, the metro’s 1.8 percent of existing stock outpaced the nation by 90 bps.

Advertised rents in Sacramento remained flat on a T3 basis in May, clocking in at $1,916, 30 basis points lower than the U.S. rate. The metro delivered 645 units, or 0.5 percent of existing stock, 40 bps below the U.S. average.

San Francisco’s advertised rents started their recovery in February and were up 0.5% on a T3 basis through May, outpacing the U.S. figure by 20 bps. Other fundamentals struggled, with construction starts declining 77.7% YoY through May while investments decreased 81.4%, to $160 million.

San Jose continued its modest recovery, with advertised rent growth at 0.8% on a T3 basis through May, outpacing the nation. Investment volume also bucked national trends, growing 18.6% YoY to $453 million through May.

Last year’s deliveries marked the second-lowest volume in the past decade. This helped keep movement positive, with advertised asking rents up 0.6 percent on a T3 basis through May to $2,205.

A historic construction wave has put pressure on the metro’s fundamentals. Advertised rents decreased 0.1% on a T3 basis through May to $1,794, while annual rent growth was down 1.8%.

Washington, D.C., advertised rents increased 0.6% on a T3 basis through May to $2,179, while annual rent growth was 3%. Occupancy dropped slightly YoY but remained well above the national average.

Boston advertised rents outpaced the U.S on both a T3 basis through April (0.6 percent) and a YoY basis (2.6 percent), reaching $2,086. In addition, bucking the national trend, the average per-unit price continued to rise, up 11.6 percent year-to-date to $483,412.

Chicago’s advertised rents were up 0.5% on a T3 basis through April, marking the fourth consecutive month of recovery and staying ahead of the U.S. average. But other fundamentals were less positive, including growing unemployment and sluggish construction activity.

Denver’s advertised rents increased 0.4% on a T3 basis through April, to $1,925. Despite pressure from the metro’s robust pipeline, demand kept occupancy above the national average of 94.5%.

Los Angeles’ employment market contracted 0.1 percent in the 12 months ending in February, while the U.S. rate increased 1.5 percent. Short-term advertised rents benefited from seasonal movement, inching up 0.1 percent on a T3 basis to $2,584 in April, lagging the 0.3 percent national advertised rate.

South Florida’s advertised rents rose for the fourth consecutive month, up 0.2% on a T3 basis through April to $2,427. Rents rose 0.4% YoY, with Yardi Matrix forecasting a 1.1% expansion for the year.

While last year’s record supply continues to put pressure on rent growth, the new leasing season has been positive. After eight consecutive months of declines, the average advertised rent rose 0.1 percent on a T3 basis through April, to $1,631.

Phoenix advertised rents inched up 0.1 percent on a T3 basis through April to $1,587, their first increase in 20 months. The metro’s pipeline has been robust, with 35,972 units underway in April, but new construction is moderating.

Portland advertised rents increased 0.4% on a trailing three-month basis through April to $1,728, although annual movement remained negative. The increase occurred despite robust construction activity, with nearly 12,500 units under construction.

Raleigh-Durham’s advertised rents were down 0.1% on a T3 basis through April, to $1,548, with Yardi Matrix forecasting a 0.6% contraction for the year. Construction starts declined significantly, down 95 percent over the first four months of 2023.

San Diego’s T3 advertised rents returned to positive territory, rising 0.2% through April after five months of flat to negative growth. Other fundamentals remain lukewarm, with only 126 units delivered through April and just $198 million in sales.

Atlanta’s supply expansion in 2023 ranked highest over the past decade, creating a lag in rent growth despite continued healthy demand., Rent growth fell 0.1 percent on a T3 basis through March to $1,648. With 38,214 units in the pipeline, this trend is likely to continue in 2024.

Brooklyn entered 2024 on a positive note, with YoY rents up 5 percent in March, second only to neighboring Manhattan. The T3 rate stabilized at 0.3 percent after seasonal slowdowns as occupancy reached a staggering 97.7 percent in February.

Charlotte delivered 2,294 units in the first quarter, outpacing the nation but representing a pullback from last year’s significant volume. While 37,099 units are currently under construction, first-quarter starts decreased by 67 percent over the same period last year.

Las Vegas posted strong economic expansion in 2023, up 4.1 percent and more than double the 2.0 percent national average, keeping demand healthy. Rents rose 0.3 percent on a T3 basis through March to $1,465, outperforming the national rate by 10 bps.

Manhattan rents picked back up after a seasonal slowdown, growing 0.4 percent on a T3 basis through March. Year-over-year, the New York City borough took the lead nationwide, with 5.2 percent growth. Development activity is up as well after sluggish performance in 2023, with first quarter starts doubling year-over-year.

Rent growth turned positive, up 0.1 percent on a T3 basis through March to $1,729, after nearly six months of negative movement. But the metro’s robust pipeline will likely moderate future growth.

While rent growth was flat on a T3 basis through March, YoY it represented an impressive 3.9 percent increase. That was helped by the tight occupancy, which at 98.8 percent was well above the national average.

San Antonio rents continued to decline, down just 0.1 percent on a T3 basis through March to $1,259 but falling 1.9 percent YoY. Although employment improved by 2.7 percent last year, multifamily occupancies fell to 91.4 percent in February..

Rent growth in St. Louis continued solid performance, up 0.4 percent on a T3 basis through March to $1,236, double the U.S. rate. On a YoY basis, the average rent rose 3.1 percent, well above the 0.9 percent national rate.

Twin Cities rents rose 0.3 percent on a T3 basis through March, to $1,500, continuing positive performance that began in November 2023. Year-over-year, rents are projected to grow 1.4 percent this year, having increased 2 percent in March. .

Rents decreased 0.4 percent on a T3 basis through February to $1,317, partly due to significant stock expansion in 2023. Yet occupancy held on well, declining just 40 bps year-over-year to 94.9 percent.

Cleveland rates increased 0.1% on a T3 basis through February, in direct opposition to the national trend. Demand for rentals remained strong, with occupancy softening but remaining relatively solid at 94.5%.

While national rents continued their slide, Columbus rates rose by 0.2 percent on a T3 basis through February. But future performance could be impacted by the more than 10,000 units currently underway in the metro.

In February, Indianapolis’ T3 rents bounced back to a healthy trajectory, up 0.1 percent and 20 basis points ahead of the U.S. average. Yet completions, at 3,314 units, reached the highest point recorded since 2016, leading to a 120-basis-point drop in occupancy.

Last year’s substantial stock expansion pushed rent growth down 0.2 percent on a T3 basis through February to $1,494. Occupancy was also affected, down 95 bps year-over-year to 92.2 percent.

Limited new supply and strong population gains kept rents up in Knoxville for most of the post-pandemic period. The average rent rose 3.8 percent to $1,459 on a YoY basis through February..

Healthy demand kept rents steady, decreasing 0.2 percent on a T3 basis and up 2.2 percent YoY through February to $2,750. Likewise, the occupancy rate in stabilized properties remained unchanged in the 12 months ending in February, at 96.5 percent.

While the metro’s rent growth flattened on a T3 basis through February, at $1,345, Pittsburgh is expanding its supply pipeline. The metro had 3,207 units underway in February, after 2,260 units broke ground in 2023.

After several months of slow or negative growth, T3 rents bounced back to 0.2 percent growth as of February, stabilizing faster than the nation overall. Development activity continued at a steady pace, as both completions and construction starts improved YoY.

Salt Lake City has continued to add to supply. Its pipeline has expanded, and 1,337 units were delivered in the first two months of 2024, following a year-over-year increase last year. Consequently, rents dropped 0.4 percent on a T3 basis through February, to $1,547.

Average rents contracted for the seventh consecutive month, down 0.7 percent on a T3 basis through January, to $1,623. Austin’s rental inventory increase ranked second highest in the nation over the past decade, but and the massive deliveries have impacted rent growth.

Baltimore’s developers acted with confidence in 2023, nearly doubling new construction starts year-over-year. The 3,961 units breaking ground in the metro contributed to T3 rent growth falling 0.2 percent through January.

Metroplex rents fell for the fifth consecutive month in January, down 0.5 percent on a T3 basis to $1,523, while the U.S. average declined 0.2 percent to $1,710. The market was impacted by substantial supply, which outpaced solid demand from strong employment growth.

Detroit rents stayed flat on a T3 basis as of January, as the national average rate remained negative. Occupancy fell 70 basis points YoY, to 94.4%, slightly below the national average.

Rising population propped up demand, pushing rents up 0.7 percent Y-o-Y to $1,351 as of January. Developers are acting to bring housing online to meet demand, with construction starts increasing 16 percent last year from their 2022 levels.

Inland Empire rents plateaued on a T3 basis in January at $2,116, following a four-month slide. They remained well above the $1,710 national average and at the same time maintained their position as the most affordable in Southern California.

While Kansas City’s rent growth stagnated on a T3 basis in January, that followed upward movement throughout most of 2023. A slowdown may have been inevitable, though, as groundbreakings doubled last year.

Orlando rents were down to $1,758 as of January, contracting 0.5 percent on a T3 basis. The wave of deliveries has dented occupancy, which stood at 94.2 percent, a 90-basis-point drop Y-o-Y.

Population increases coupled with a healthy economy sustained demand in Sacramento. Despite the record-high deliveries of 2023 and increased new construction, rents declined just 0.2 percent on a T3 basis through January to $1,905, while occupancy decreased just 30 bps to 94.5 percent.

San Jose’s fundamentals remained mostly on the upswing, with rents up 0.1 percent on a T3 basis through January while the U.S. registered a fourth consecutive 0.2 percent slide. Occupancy rose 20 basis points Y-o-Y to 95.9 percent in January, well above the U.S.

Boston’s average rent increased 3.0 percent YoY through December to $2,758, while the national rate rose by a modest 0.3 percent to $1,709. Rent growth was propped up by slow supply expansion, which was at its lowest rate since 2014.

Los Angeles rents were down 1.1 percent YoY as of December. Economic headwinds and new supply contributed to occupancy softening to 96.1 percent as of November. But construction starts fell 28.3 percent in 2023.

Miami rents contracted 0.2 percent in the last quarter of 2023 to $2,384, vs. a 0.3 percent national decrease. Lifestyle rents dropped for the sixth consecutive month. Nonetheless, despite heavy supply additions, occupancy held steady at 95.5 percent as of November, well above the 94.8 percent U.S. rate.

Portland’s rate movement stayed negative through December, down 0.7 percent on a T3 basis, and occupancy softened, despite employment rising 2.7 percent, above the U.S. rate.

Raleigh-Durham rents sank downward in December, falling 0.7 percent on a T3 basis and 2.9 percent YoY, to $1,553. Supply didn’t help, with both deliveries and construction starts on an upward trajectory.

San Diego’s rent growth stayed positive YoY in December, at 1.4 percent, while the national average contracted. Development was a mixed bag last year, with completions down 15.1 percent but starts rising.

San Francisco’s rents fell 0.4 percent on a T3 basis through December to $2,753, slightly more than the U.S. average decrease of 0.3 percent. Occupancy remained flat YoY, at 95.3 percent as of November, despite a high volume of deliveries.

Seattle’s fundamentals moderated, with rents declining 0.4 percent on a T3 basis through December to $2,153 while annual deliveries dropped to the lowest level since 2013. Occupancy remained healthy, at 95.3 percent as of November.

Despite record new deliveries totaling 8,284 units in 2023, Tampa’s occupancy rate slid by just 50 basis points in the 12 months ending in November, to 94.2 percent. Meanwhile, rents declined 30 bps on a T3 basis through December, to $1,793.

Developers added 14,544 units in 2023 through November to Atlanta’s stock, on track for a new record in supply expansion. Yet rent growth remained negative, down 0.5 percent on a T3 basis and 3% year-over-year in November.

While slower than the first half of 2023, Brooklyn rents were up 4.9 percent on a year-over-year basis in November, well above the nation’s average. Average occupancy in stabilized assets was a tight 99.0 percent, and though deliveries dropped 43.3% year-over-year, 19,419 units were under construction in November.

Rents in Charlotte contracted 0.6 percent on a T3 basis as of November 2023, to an average of $1,581, amid new-supply additions. However, demand stayed firm, with occupancy clocking in at 94.1 percent in October, down just 40 basis points in 12 months.

Chicago’s multifamily fundamentals slowed through November 2023 in line with national trends, but it performed better than many markets. T3 rents decreased 0.3 percent, to $1,865, while development dropped by a relatively low 13.2%. Meanwhile, the workforce expanded by 1.6%, and occupancies rose 40 basis points in October.

Denver’s rents declined for the third consecutive month on a T3 basis, down 0.4% vs. the national average of -0.2%. Rents grew year-over-year, but the 0.1% increase was slower than the U.S. average. Yet strong demand kept the occupancy rate healthy, falling only slightly to 95.1%.

Manhattan rents rose 0.2 percent on a T3 basis, while national trends were negative at the end of 2023. Although deliveries were limited, with just 535 units coming online in the first 11 months, the borough’s pipeline was solid, with 9,102 units underway.

Nashville rents continued to decrease, down 0.6 percent on a T3 basis through November 2023 to $1,634, as new supply came online and softened the occupancy rate by 70 basis points. However, both the population and job market expanded, with employment up 3.8 percent in the 12 months ending in September, well ahead of the 2.4 percent U.S. average.

Phoenix’s inventory gained 11,980 units in 2023 through November, marking a new record in supply expansion. Rent growth remained negative, down 0.5 percent on a T3 basis through November to $1,583.

The borough’s rent growth stayed positive, bucking the national trend. Rents increased 0.2 percent on a T3 basis in November, reaching $2,945, while year-over-year rents rose 3%. Occupancy was also well above the U.S. average.

The Twin Cities largely maintained performance toward the end of 2023. T3 rents slowed just 10 basis points more than the national average, while occupancy remained flat. New construction was also similar to the previous year, although deliveries decreased by 14.7 percent from 2022’s decade high. Investment sales saw a much bigger slowdown, following two very strong years.

After solid growth across fundamentals in 2022, Baltimore’s economy wound down through October, with T3 rents contracting by 0.1 percent. Construction activity remained solid, with inventory expanding 1.2 percent and an additional 5,277 units underway.

After peaking in the summer, metro Detroit’s rent movement turned negative, down 0.2 percent on a T3 basis through October to $1,239, 10 basis points below the U.S. pace. Investment also decreased, following an active 2022.

Houston rents stayed flat on a T3 basis as of October, while the U.S. average saw a second consecutive month of negative movement. Persisting investor caution limited transactions to $1.5 billion through October, while the per-unit price decreased 28.6 percent from 2022.

Fundamentals softened in the Inland Empire, with rent growth declining for the second straight month on a T3 basis through October to $2,113, while developers delivered just 571 units in 2023. Still, occupancy remained just above the 95 percent mark, outpacing the U.S. figure.

Rents picked up pace, increasing 0.2 percent on a T3 basis through October to $1,250 while U.S. rates decreased. Year-over-year performance far surpassed the U.S. average, despite growth in construction deliveries that also outpaced the national average.

Las Vegas rent growth remained negative, down 0.2 percent on a T3 basis through October to $1,460 and 3.1 percent year-over-year, as employment growth slowed but remained strong at 4.7 percent. Developers delivered 1,977 units through October, with another 10,788 underway.

Rents in the metro continued to fall in October, down 0.5 percent on a T3 basis and 2.7 percent year-over-year. Strong development was a contributor, strong with 9,077 units added and another 29,815 under construction.

Philadelphia rents outperformed the nation, flat on a T3 basis while the U.S. rate fell and clocking 2.1 percent year-over-year growth vs. a slight U.S. increase. It helped that occupancy held relatively firm, down just 30 basis points in 12 months to a tight 96 percent, although development promises to outpace 2022.

Sacramento rents remained flat at $1,916 for the third consecutive month on a T3 basis through October, while the average national rate declined 0.1 percent to $1,718. Meanwhile, developers delivered 2,200 units through October, an all-time high for the metro.

After a positive summer, San Jose rents decreased 0.6 percent on a T3 basis as of October. Development remained solid, with incoming inventory accounting for 1.7 percent of rental stock, already outpacing 2022’s total.

Austin rents increased 0.5 percent YoY to $1,681, still below the national average of $1,722. On a T3 basis through September rents were down 0.7 percent.

While short-term rents contracted 0.1 percent on a T3 basis through September, the YoY rate was among the fastest to rise nationally, up 3.1 percent. Unlike most major metros, the volume of construction starts picked up.

Rents in metro Dallas mirrored the U.S. rate at -0.1 percent on a T3 basis as of September. Strong population and job growth continue to support the Metroplex, one of the fastest-rising markets of the past decade.

In line with most gateway markets, Los Angeles saw slowing multifamily fundamentals in 2023, with YoY rent growth at 0.2% in September, 60 basis points below the U.S. rate. Supply corrections led to fewer deliveries.

Raleigh-Durham’s rent movement turned negative in the third quarter, at -0.2 percent on a T3 basis, lower than the U.S. drop. Yet more units were added this year than in 2022.

Following above-average performance earlier this year, San Diego’s growth slowed in the third quarter. Rents fell 0.1 percent, sales volume dropped 68.9 percent and completions were less than half their year-ago level.

Rents declined 0.3 percent on a T3 basis and 1.7 percent YoY through September, despite steady occupancies. Development and investment volumes also fell relative to last year.

Seattle posted one of the slowest rent performances in the U.S., down 2.4 percent YoY to $2,186, while investment and development dropped to record lows. Still, steady occupancy of 95.4 percent in August indicated solid fundamentals.

Tampa rent growth declined 1.1 percent YoY as of September, while the national rate increased 0.8 percent. Still, at $1,805, the metro’s average rent remained above the $1,722 U.S. average. Meanwhile, the pipeline expanded 2.8 percent, promising record deliveries.

Rent growth plateaued on a T3 basis through September, at $2,121. Sales slowed significantly, with just $1.6 billion this year through September, a far cry from the past decade’s average levels.

Although slowing through Q3, rent growth in Cleveland still slightly outpaced the nation, at 0.3 percent on a T3 basis. As of August, transactions slowed in the metro, as the cost of capital remains prohibitive for buyers.

Multifamily rents rose 4.8 percent Y-o-Y as of August, to an average of $1,246. The metro added 1,369 units during the first eight months, exceeding 2022’s total.

Rent growth moderated in August to 0.2 percent on a T3 basis and 2.1 percent YoY, to $2,412, but occupancy stayed strong at just shy of 96 percent. The current pipeline promises robust new supply, but construction starts dwindled.

Orange County rent growth continued to rise, up 0.7 percent on a T3 basis through August, to $2,759. Occupancy dropped 60 basis points in the 12 months ending in July but remained at a tight 96.6 percent.

Rents stayed put on a T3 basis in August, as improvement in Pittsburgh slowed following an above-trend summer. Completions underdelivered this year, but 2,400 units underway and another 15,000 in the planning and permitting stages point to stability.

Portland’s rent movement remained negative for the second consecutive month, down 0.1 percent on a T3 basis as of August, while the U.S. saw 0.2 percent improvement. Transaction activity has also cooled, but the construction pipeline held steady.

Fundamentals slowed in line with national trends, but rents rose 2.4 percent Y-o-Y, 90 basis points more than the U.S. overall, to an average of $1,506. Completions slowed but accounted for 1.3 percent of existing stock, slightly above the nation.

Salt Lake City rents rose 0.2 percent on a T3 basis through August, mirroring the nation and reaching $1,592. Developers have delivered 2,076 units this year, contributing to a 110-basis-point drop year-over-year, to 94.8 percent.

San Antonio rents declined 0.1 percent on a T3 basis in August to $1,287, following four consecutive months of steady gains. The occupancy rate also decreased, by 150 basis points in the 12 months ending in July, to 92.4 percent.

Rent growth is on a positive streak, up 0.2 percent on a T3 basis in August, to $1,210. Sales, however, totaled just $404 million year-to-date, roughly half the volume registered through the same interval in 2022.

Rent growth in Albuquerque posted the highest YoY rate in July, up 5.8 percent, outperforming the U.S. by 420 bps. At $1,327, the average rent remained well behind the $1,729 national rate. Occupancy slid just 10 bps YoY, to 95.5 percent in June.

Chicago has resisted the slowing economy, with YoY rent growth at 5.2% as of July, among the highest in the U.S. Completions and construction starts were down, but the pipeline remains healthy, with 15,298 units underway.

Rent growth in the metro was 0.2 percent on a T3 basis in July, 10 basis points below the national rate. The metro’s employment market saw a 1.1% uptick YoY; while that trailed the U.S. rate by 170 basis points, prospects remain strong as Intel’s blockbuster New Albany semiconductor project is well underway.

Denver rents rose 0.6 percent on a T3 basis in July to $1,942, the fourth month of gains and double the 0.3 percent national rate. YoY, rents rose 1.1 percent, 50 basis points behind the U.S.

Jacksonville’s average rent returned to negative territory, down 0.2 percent on a T3 basis in July to $1,533, after three months of slow growth. Robust deliveries were a contributor, also denting occupancy, down to 93 percent in June.

Knoxville’s occupancy rate decreased 130 basis points YoY as of June, but remained solid at 96.5 percent. The tight rental market kept rents rising, up 0.5 percent on a T3 basis in July, to $1,446.

Nashville rents rose 0.3% on a T3 basis in July, to $1,672. The consequences of economic headwinds are visible, as the metro registered $498 million in transactions year-to-date, a steep drop from 2022.

Phoenix rents flattened in July on a T3 basis following a prolonged downward spell, while U.S. growth was 0.3%. With incoming inventory nearly double the 0.9% national rate, occupancy will likely continue to be impacted, having dropped 70 basis points year-over-year as of June.

After a solid first half, Queens shows signs of slowing. However, T3 rent growth of 0.6% in July was double the national rate. No completions were recorded during this period, but construction starts increased considerably.

Minneapolis-St. Paul rents increased 0.2 percent on a T3 basis in July to $1,483, below the 0.3 percent national rate. Transactions lagged, mirroring the nationwide slump.

Brooklyn rents increased 0.6 percent on a T3 basis through June to $3,338, well above the national $1,726. Occupancy rates for the borough came in at 98.7 percent, one of the highest rates nationwide. Brooklyn developers also kept busy, but transactions lagged, mirroring the national trend.

Rent growth inched up 0.1 percent on a T3 basis through June, to $1,694, and remained negative on a YoY basis, down 1.1 percent. Occupancy dropped 120 basis points in the 12 months ending in June, to 93.3 percent, reflecting the looser rental market.

Baltimore rent growth outperformed the U.S. average by 10 basis points in June, picking up after facing crosswinds early in 2023. Although job growth improved, with unemployment at 2.2 percent, average occupancy in stabilized assets remained below the U.S. average, at 94.9 percent.

Charlotte rents increased 40 basis points on a T3 basis as of June, in line with national growth, after a slow start to the year. Construction starts also picked up from the first quarter, outperforming U.S. trends.

Detroit's rent growth recovered to 0.5 percent on a T3 basis as of June, slightly outpacing the U.S. Construction slowed, with first-half completions representing a 0.4 percent inventory expansion, while transactions totaled just $8.3 million.

Many fundamentals softened in the Inland Empire, but rent growth remained steady with a 0.3 percent uptick on a T3 basis for the second straight month, reaching $2,131 in June. That was $400 above the national rate, although growth was slower than the 0.4 percent U.S. average.

Rents rose to $1,242 in June, a 0.7 percent increase on a T3 basis and a 5.2 percent gain year-over-year, boosted by limited deliveries. Yet construction starts more than doubled year-over-year during the first half of 2023.

While YoY rent growth remained negative, down 3.3 percent through June, short-term rents saw a second consecutive month of increase, up 0.2 percent on a T3 basis, to $1,475. Las Vegas' job market rose 5.5 percent YoY through April, leading all major markets.

Manhattan rents were up 6.6% year-over-year through June, to $4,743. Despite an overall slowdown from last year, especially in construction and investment sales, Manhattan's fundamentals remained solid through the first half of 2023.

Rent growth is picking up pace, contributing to market stabilization; rates in the metro were up 0.6 percent on a T3 basis in June, to $1,723. However, both investment sales and development have slowed this year, with 16 percent fewer units than the first half of 2022 and just $148 million in transactions.

After eight consecutive months of short-term decrease, Austin rents inched up 10 basis points on a T3 basis through May, to $1,717. Meanwhile, job growth posted the strongest performance among major metros, up 6 percent YoY through March.

After turning negative at the end of 2022, rent growth plateaued on a T3 basis as of May, at $1,553. Rents decreased 1.3 percent year-over-year. Deliveries of new construction were also down year-over-year, although new starts were up 19.5 percent, with 9,965 units started in the first five months of 2023.

On the heels of six months of slight rent growth, Houston rents rose 20 basis points on a T3 basis through May to $1,344. However, they continue to trail the U.S. average, up 30 basis points to $1,716.

Rent growth remained flat on a T3 basis through May, while occupancy slowed slightly to 95 percent as of April. Sales and deliveries also slowed, but employment growth outpaced the nation.

Rents decreased 10 basis points on a T3 basis, to $2,784, and 40 basis points YoY through May. Both deliveries and investment transactions halved YoY, with only a 50-basis-point expansion of stock and $770 million in sales.

San Jose YoY rent growth slowed to 1.4 percent, but T3 rates rose 40 basis points to an average of $3,059 in May. And YoY growth is expected to reach 2.9% by year-end. Investment remained solid, with $306 million in sales recorded in the first five months of 2023.

Following eight months of deceleration, Seattle’s rent growth picked up in May on a T3 basis, rising 0.3%, though year-over-year movement was -0.9%. Demand remains strong, and the job market continues to expand, with unemployment at 3.0 percent in April.

Rents increased 0.3 percent on a T3 basis through May, to $1,815, with the Renter-by-Necessity segment driving growth. Transactions slowed, with $440 million closed and an average price per unit of $176,074 in the first five months of 2023.

Rents bounced back in Washington, D.C., with the average asking rent appreciating for the third consecutive month, up 0.6 percent on a T3 basis through May to $2,098. YoY, D.C. rents rose 1.9 percent, lagging the 2.6 percent U.S. rate.

Boston’s average rent rose 5.2 percent YoY as of April, above the 3.2 percent national average. T3 rents rose 0.6 percent to $2,735, while the U.S. rate increased 0.2 percent to $1,709.

At 0.5 percent as of April, Chicago’s T3 rent growth outperformed the 0.2 percent U.S. rate change, reaching an average of $1,835. Although construction starts declined, completions began the year strongly, and the metro had more than 13,300 units underway.

Denver rents rose in the second quarter, up 0.2 percent on a T3 basis through April to $1,899 after five months of contraction. Metro rents increased 2.2 percent YoY, trailing the U.S. by 100 bps.

Los Angeles’ rent growth remains on par with the U.S., rising 0.2 percent on a T3 basis through April to $2,597. Investment has slowed considerably, in line with the nation, while construction has remained solid.

South Florida rents were up 4.5 percent YoY through April to $2,397, while U.S. rates rose only 3.2 percent to $1,709. Occupancy in the metro outperformed the 95 percent national rate by 100 bps, as multifamily demand holds steady.

Nashville rents rose 0.2 percent on a T3 basis through April to $1,659, matching the U.S. increase and ending a five-month slowdown. Job growth softened, but was still well above the national rate.

Phoenix rent growth fell for the eighth month, down 0.4 percent on a T3 basis through April to $1,608, while the U.S. rate increased 0.2 percent. Development is still strong, with record new stock anticipated for 2023.

After four months of decline, Portland’s T3 rents flattened in April. YoY rents rose 3.5% to $1,759. Transactions mirrored the nation, as the cost of capital kept investors on the sidelines, with only $87 million in rental assets changing hands.

Raleigh’s T3 rents have risen this year following a slowdown in late 2022, up 0.3% as of April, 10 basis points higher than the U.S. YoY rent growth stayed modest, at 2.8%, with the occupancy rate softening 130 bps to 94.1%.

Following a three-month decline, metro rents increased 0.5 percent on a T3 basis in April, outpacing national growth by 30 basis points. Meanwhile, the metro’s historically limited pipeline shrank further, with just 429 delivered units in the first four months of 2023.

Multifamily started 2023 slow, following a stellar couple of years, with YoY rent growth at 1.1% as of March, well below the 4.0% national figure. Meanwhile, ongoing economic instability has led sales volume to slow, as well, following $27 billion in transactions during the previous two years.

Brooklyn recovered in the first quarter from its summer 2022 dip in rental rate growth, rising 0.5% YoY to 4.3% as of March. Demand was strong, with occupancy decreasing slightly but averaging a tight 98.2% in February.

Following two of its strongest years in the past decade, the Charlotte multifamily market is resetting. The first quarter saw flat rent growth, a low $255 million in transactions, and just 737 units completed.

No longer among the fastest-growing U.S. multifamily markets, Las Vegas had YoY rent growth of -1.8% in March. Sales were also slow in the first quarter, although property values rose to an average of $259,615 per unit.

Although slowing, rents in Manhattan were up 7.8% YoY through March, to $4,631 on average. Investors maintained interest in the borough, with 2022 multifamily sales at $4.9 billion, the highest recorded since 2015.

With more than 1,000 units added in the first quarter and 16,000 underway, Philadelphia is on track to resume a fast construction pace after a slower 2022. The vast majority is urban, more than half in four submarkets. Sales, conversely, have nearly ground to a halt.

Already the cheaper alternative to nearby Brooklyn and Manhattan, Queens saw rents decrease 0.7% on a T3 basis as of March. That was driven by a slide in the Lifestyle segment, while Renter-by-Necessity rates increased. Development remained solid, with a pipeline of 11,628 units.

Moderating demand kept San Antonio’s rent growth negative for the fourth straight month, down 0.3 percent on a T3 basis through March, to $1,274, while the U.S. rate remained flat at $1,706. Occupancy also declined, 1.7 percent year-over-year, to 93 percent in February.

St. Louis absorbed most of last year’s increased new supply, with T3 rents rising 10 bps through March to $1,183 and occupancy declining just 40 bps in the 12 months ending in February.

Following two record years for both development and sales, the Twin Cities’ multifamily growth slowed. In the first quarter, only 475 units came online, and transaction activity stalled. Rents, however, ticked up 20 basis points to $1,465, while U.S. rates plateaued at $1,706.

Albuquerque was slow to see negative rent growth, but after outperforming the nation for 10 months it finally slid 0.1 percent on a T3 basis through February, to $1,283. Occupancy also dropped slightly, losing 100 basis points in the 12 months ending in January, though it remained above 95 percent.

As with the nation overall, Cleveland’s rent growth slowed in February, to just 0.1% on a T3 basis. But that compared to a U.S. rate decline of 0.1%. The city's continued growth was driven by the Renter-by-Necessity segment, while Lifestyle rent growth decreased 0.2%.

Rent growth remained positive in Columbus, up 0.1 percent on a T3 basis through February to $1,217, while the U.S. rate declined 0.1 percent to $1,702. In addition, a robust construction pipeline promises a return to 2021 delivery levels after a slow 2022.

Indianapolis had a promising start to the year. Transactions totaled $93 million, up 32.8% year-over-year, following a record 2022. Rent growth remained above the national average, up 0.1% on a T3 basis to 9.0% year-over-year. And with 6,165 units under construction and 240 units delivered in the first two months of the year, 2023 construction could top the city’s five-year average.

After two years of unprecedented growth, Northeast Florida’s multifamily market began cooling off at the end of 2022. Short-term rent growth was negative for the fourth consecutive month in February, contracting 0.2% on a T3 basis. Construction and investment activity also decreased.

Knoxville’s year-over-year rent growth remained above the U.S. average in February, continuing a trend it sustained through most of the pandemic. In fact, YoY growth of 12.8% was well above the 4.8% national figure. On a T3 basis, rents stayed flat at $1,391 while the U.S. average depreciated 0.1 percent to $1,702. Occupancy declined slightly in the 12 months ending in January, but remained tight at 97.6 percent.

Orange County rents contracted 0.4 percent on a T3 basis through February, to $2,687, with a steeper decline among Lifestyle properties. Softening demand dented occupancy, too, but at 96.7 percent, the metro remains one of the tightest in the U.S.

While rents were down 0.3 percent on a T3 basis and occupancy dropped 190 basis points, not all fundamentals pointed the same way. Developers doubled down, with work starting on more than 7,000 units last year, and the economy continued to add jobs going into 2023.

Salt Lake City stagnated early this year, with rent depreciating 0.5 percent on a T3 basis through February, to $1,568, while the national average contracted 0.1% to $1,702. Occupancy dropped 180 basis points in the 12 months ending in January, construction starts halted and transactions were limited to smaller properties.

Austin’s rent growth remained negative for the fifth consecutive month, with the 0.5 percent drop on a T3 basis taking the average to $1,728, thanks to cooling demand and a substantial construction pipeline.

After its strongest run in decades, Baltimore multifamily is now recalibrating. Rents fell 0.6 percent on a T3 basis through January, to $1,648, and occupancy slid 120 bps. But transactions marked the second-best year in a decade, at $2.9 billion.

Dallas-Fort Worth’s stock expansion decelerated for the fourth consecutive year in 2022, as demand cooled. Meanwhile, rent growth recorded a 0.3 percent decrease on a T3 basis in January, on par with the U.S. rate.

Following a four-month lead over the U.S. rate, Detroit’s rent growth fell in alignment with the national average, down 0.3 percent on a T3 basis through January. That put the city’s average rent at $1,222, vs. $1,701 for the U.S. overall.

After two strong years, Houston’s rental growth has slowed, with more moderate construction and investment. Rent growth was flat on a T3 basis through January, with the average rate clocking in at $1,327, vs. the U.S. average of $1,701.

Slow inventory growth has done little to dampen a rent decrease, down 0.5% on a T3 basis as of January, 20 bps above the national rate. However, property values and investment activity showcase a solid market, attractive due to significantly smaller rents than peers.

Kansas City’s multifamily fundamentals experienced strong growth, with the YOY rent increase at 7.3% as of January, to $1,199. Investment volume reached $1.7 billion in 2022—equaling the previous two years combined.

After two atypically fast-paced years, Central Florida’s multifamily growth is gradually slowing down. Rent growth contracted 0.3% on a T3 basis through January to $1,813. Developers broke ground on only 150 units, down from 1,922 in January 2022.

Sacramento’s rent growth slowed 0.3 percent on a T3 basis in January, a rate equal to the national average. The city’s YOY rent growth was positive at 2.7% but ranked it among the bottom four major metros. At $1,912, the average rent remained above the $1,701 U.S. rate.

San Jose’s rents grew 8.1% on a YOY basis, to $3,067, as of January, one of the fastest rates in the nation. Multifamily investments also amped up, with $1.1 billion recorded in 2022.

Rents and property values declined in Boston in 2022, the average asking rent contracting 0.6 percent on a T3 basis through December to $2,655 and the per-unit price sliding 2.3 percent year-over-year to $382,575. Meanwhile, occupancy remained above the 96 percent mark.

Economic headwinds made L.A. rents plateau on a T3 basis through December, though the $2,594 average rent remained way above the U.S. average. A highlight of 2022 was investment activity, which amounted to $5.8 billion, the most ever recorded in a year.

Although rent growth was flat in the last quarter of 2022, Miami had its second-best year of the past decade. Rents improved by 8.1 percent YOY to $2,356, while national rates grew by only 6.2 percent to $1,715.

Portland rents turned negative in December, dropping 0.2 percent on a T3 basis, but that was on par with the national rate and annual rent growth rose 7.2 percent. And although deliveries softened, developers more than doubled the number of units that broke ground in 2022.

Raleigh-Durham's YOY rent growth remained above the U.S. average throughout 2022, but the economy had an impact in the fourth quarter. Rents contracted by 0.4 percent to $1,618, vs. a U.S. rate contraction of 0.2 percent to $1,715. While Lifestyle rents had the biggest impact, the Renter-by-Necessity segment experienced its first contraction since February 2020.

San Diego moved to a more stable growth pattern in 2022, ending the year with rents down 0.3 percent on a T3 basis, to $2,658. Construction activity slowed down, with stock expanding 1.4 percent in 2022, cooling off after a cycle peak the previous year.

San Francisco rents declined 0.4 percent on a T3 basis through December to $2,787, as rental sector performance moderated across the nation to end 2022. However, the metro’s property values held steady, with the average per-unit price at $410,446.

Seattle rents marked the fourth consecutive month of decline in December, down 0.6 percent on a T3 basis, to $2,206. Deliveries in 2022 surpassed every other year in volume, but new construction starts began to decline as economic headwinds cooled new activity.

Following years of solid improvement in Florida rentals, metro Tampa’s rents slowed down, sliding 0.5 percent on a T3 basis at the end of 2022. But a strong employment growth rate in the area continued to provide solid apartment demand, with construction activity having one of its strongest years of the decade.

After a strong bull run, the Washington, D.C., rental market is altering course, moving closer to historic averages. Rents were down 0.4 percent in the last quarter of 2022, while occupancy inched down slightly. However, development powered through, with nearly 33,000 apartments underway going into 2023.

Atlanta’s multifamily market is cooling down, with rent growth down 0.2 percent on a T3 basis through November and occupancy down 110 basis points year-over-year through October. Deliveries moderated, but construction starts through November surpassed last year’s figure.

As the national rental market dealt with its first rate decrease, down 0.1 percent on a T3 basis, the New York City borough saw rents rise 0.3 percent, to $3,214. Meanwhile, despite faltering investment activity across the U.S. as 2022 progressed, Brooklyn nearly matched its 2021 tally, with $750 million in sales through November.

Some $4.7 billion in multifamily assets changed hands in Charlotte in 2022 through November, well above the $3.1 billion average for the previous five years. Though moderating, YoY rent growth was still 110 basis points above the 7.0 percent national rate.

Chicago maintained a reserved pace, with rents up 0.1 percent on a T3 basis through November, to $1,816, still above the nation’s growth rate by 20 basis points. The investment pace remained high, with $3 billion of assets trading, just $100 million below the previous year.

Sensitive to the economic afflictions, rent growth in Denver turned negative, down 0.3 percent on a T3 basis through November, to $1,910. However, construction activity remained elevated, with nearly 32,000 units underway. Investment was tempered, down to $5 billion through November.

After a strong run, Manhattan multifamily is slowing down to more sustainable levels. Rents were flat on a T3 basis as of November, even as occupancy growth remained positive over 12 months and transactions surged to the best year since 2016.

Nashville rents declined 0.1 percent on a T3 basis through November, with the average rent at $1,655, trailing the $1,719 national rate. However, on an annual basis gains were above the U.S. figure, and despite economic headwinds, investors spent $3.9 billion through November.

Developers delivered 11,258 units through November, a new record high, which coupled with softening demand is rocking the multifamily market. Rents depreciated 0.4 percent on a T3 basis, and occupancy lost 160 basis points in the 12 months ending in October, dropping to 94.3 percent.

NYC’s largest borough maintained a good pace, with rents up 7.2 percent YoY, to $2,883 as of November. This trend was supported by strong occupancy rates, up 30 basis points YoY to 98.7 percent as of October, highlighting strong demand.

Despite flat rents on a T3 basis as of November, investor appetite maintained its momentum in Minneapolis-St. Paul. Some $1.4 billion in multifamily assets traded in the first 11 months of last year, following 2021’s $1.8 billion total transaction volume.

Rents in Baltimore rose 0.3 percent on a T3 basis through October, to an average of $1,687. Demographic trends are slowing, while economic headwinds have limited the development pipeline, with 751 units breaking ground this year.

Rent growth in Detroit decreased to 0.3 percent on a T3 basis through October, with average rates at $1,251, well below the $1,727 national average. Occupancy remained elevated, at 96.2 percent, as deliveries were on par with prior annual averages.

Houston rents rose 0.3 percent on a T3 basis through October, to an average of $1,327. Meanwhile, construction starts increased in 2022, and investors traded $9 billion in multifamily assets through October.

With the average rent at $2,150, the Inland Empire is the most affordable SoCal market. Although rents were down 0.2 percent on a T3 basis, they were up a significant 7.7 percent year-over-year.

Kansas City’s rent growth continued well above trend, at 0.6 percent on a T3 basis through October. Meanwhile, occupancy slid just 10 basis points on a year-over-year basis as of September, to 95.5 percent.

Rent growth in Las Vegas turned negative, down 0.4 percent on a T3 basis through October, to an average of $1,504, trailing the $1,727 U.S. average. However, deliveries and construction activity have picked up—with 1,173 units added to the inventory and another 9,400 underway—and transaction volume rose to $3 billion.

Rent growth in Orlando was flat on a three-month basis through October, but rates clocked in at $1,851, well above the $1,727 national figure. Although economic headwinds are gathering, the market recorded significant transaction activity, with $5.6 billion in deals through the year’s first 10 months.

Amid economic challenges, Philadelphia’s multifamily market is preparing to round off a solid year. Rents were up 7.6 percent year-over-year, while transactions are on track for a new decade high at $2.5 billion through the year’s first 10 months.

Rent growth in Sacramento decelerated considerably, down 0.1 percent on a T3 basis. Occupancy also declined but remained above the 96 percent mark. Still, multifamily transactions had a strong third quarter, accounting for half of 2022 sales.

Austin assets continued to generate sales activity, with investment volumes exceeding $2.1 billion during the first three quarters of 2022. Meanwhile, rents remained flat in September, at $1,792, well above the $1,718 national average.

Boston rent growth continued, at 0.4 percent on a T3 basis through September, to an overall average of $2,706. The multifamily transaction volume remained robust, surpassing $2.5 billion in September, as per-unit prices stood at $376,549.

Dallas rents grew 0.2 percent on a T3 basis through September, to an average of $1,566. Multifamily sales stayed high following a record year in 2021, as investment volume closed in on the $8 billion mark in September, for an average price per unit of $184,307, up 16.5 percent over 2021 values.

Although cooling to 0.4 percent on a T3 basis, Los Angeles rent growth was double the national rate of improvement. The metro’s overall average rate, at $2,588, remains well above the $1,718 national average. Investors continued to have an appetite for assets, with $4.6 billion in sales through the first three quarters.

Raleigh-Durham’s multifamily market is showing signs of slowing performance, as rents contracted a slight 0.1 percent on a T3 basis as of September, to an overall average of $1,630. Meanwhile, U.S. rates inched up 0.2 percent to $1,718.

In line with most U.S. markets, San Diego rent growth is moderating after its recent bull run, with the average up 0.3 percent on a T3 basis, to an average of $2,645. Meanwhile, 2,472 units came online during the first three quarters, a solid figure for the market.

Rent growth slowed down but stayed solid at 0.3 percent on a T3 basis through September, pushing the average rent to $2,854, one of the highest in the nation. Investment sales reached $2.1 billion this year through the first three quarters, up almost a quarter over the same interval in 2021.

Investment volume rose to $3.2 billion in Seattle, outperforming the figure registered during the same period in 2021. Meanwhile, the metro’s overall average rent contracted 0.3 percent on a T3 basis through September to $2,232, significantly higher than the $1,718 national average.

Rent growth in Tampa began to decelerate in the third quarter of 2022, remaining at 0.1 percent on a T3 basis, for an average of $1,827. Deliveries were strong through September, as 5,154 units came online, while new construction slowed slightly.

Rent growth slowed to 0.3 percent on a T3 basis through September, 10 basis points higher than the national rate of rent growth. One of the strongest markets for investment in 2021, the district continued to draw activity, recording $4.2 billion in sales through the year’s first three quarters.

Cleveland rents grew 0.9 percent on a T3 basis through August, 30 basis points above the U.S. rate, although its overall average rent is still among the most affordable in the U.S. Investment activity through the first eight months of the year essentially matched 2021’s full-year total.

Indianapolis recorded a solid eight months, with multifamily investment activity at $1.7 billion, 25 percent higher than in the entirety of 2021. Rent growth tapered but was still well above national figures. Even construction, while slowing, showed signs of growth as starts almost tripled year-over-year.

Despite a significant slowdown during the summer, Miami’s rent growth ranked among the national leaders on a year-over-year basis as of August, only trailing Orlando. The average rent in the metro clocked in at $2,344, significantly above the $1,718 U.S. figure.

Rent growth in Orange County softened to 0.5 percent on a T3 basis through August, to $2,721. Meanwhile, unemployment dropped below the 3 percent mark in June. Deliveries and construction activity also moderated, but transaction activity remained high, backed by a strong first half of 2022.

After largely trailing the national rate of growth throughout the cycle, Pittsburgh’s rental market outperformed the national rate of growth by 20 basis points on a T3 basis, at 0.8 percent as of August. Its oscillating construction market added units at a below-national rate, while investment was extremely limited, even by the market’s typically moderate standards.

Rent growth in Portland moderated to 0.6 percent on a T3 basis through August, on par with the U.S. rate. At $1,759, the average rate in the metro is slightly ahead of the national figure. Construction activity remained high, but deliveries softened, as did transactions, with the debt markets navigating rising interest rates and inflation.

The Richmond-Tidewater metro slightly outpaced the moderating rate of rent improvement on a T3 basis, at 0.7 percent as of August. The market saw record-breaking investment activity over 12 months, showcasing investor confidence in the multifamily market, but mounting pressures from the debt markets will likely curb the pace of sales.

Salt Lake City rents averaged $1,614 in August, with growth on a T3 basis slightly above the 0.6 percent national rate. Investment volume hit $745 million year-to-date through August and is on track to just cross the $1 billion mark by year’s end, even though investment activity began to taper near the halfway point of 2022.

San Antonio rents continued to moderate, rising just 0.5 percent on a T3 basis through August, just behind the U.S. rate, to reach $1,295. Slowing construction starts and deliveries point to a decrease in stock expansion, while transaction activity remained high with $2 billion in multifamily assets trading through August, bolstered by activity during the year’s first half.

St. Louis rents rose 0.8 percent on a T3 basis through August, outperforming the U.S. rate for the first time in 20 months. Yet its employment expansion has seen a softening trend through the past 12 months, up just 3.2 percent and some ways behind the 4.7 percent national rate.

Albuquerque rents clocked in at 1.1 percent on a T3 basis through July, the third straight month of above-trend improvement. However, the metro is still fairly affordable by national standards. Deliveries softened, but transaction activity remained elevated, with the volume through July surpassing $502 million.

Chicago’s rent growth accelerated to 1.1 percent on a T3 basis through July, to a new high of $1,814. Demand is strong, with occupancy improving to 95.6 percent, up 100 basis points year-over-year, above pre-pandemic levels. Construction starts jumped 17 percent year-over-year, pointing to increased development activity.

Columbus is set to house Ohio’s largest investment to date: a $20 billion Intel facility in New Albany. Area rents are already topping all other submarkets, and rose a whopping 17.3 percent, to $1,583. The metro’s overall rent growth was slower but nonetheless improved, measuring 1.3 percent on a T3 basis through July, 30 basis points above the U.S. rate.

Denver’s multifamily market has had a stellar decade, but development and investment activity are now moderating. Rent growth in the market surpassed the U.S. average for the fourth consecutive month, rising 1.2 percent on a T3 basis through July, to an average of $1,941.

On the heels of a strong 2021, Jacksonville multifamily is showing signs of cooling off. Rents were up just 0.4 percent in three months, 60 basis points below the U.S. average, while occupancy dropped year-over-year to 95.2 percent. Meanwhile, $1 billion in assets traded in the first seven months of 2022, with an increase in the price per unit.

At a time when most markets are experiencing some form of moderation in rent, development or transaction activity, Nashville is witnessing new highs across its fundamentals. Rent growth on a T3 basis is double the national rate, at 2.0 percent as of July, and investment activity is the highest in a decade.

Nashville rents rose 1.3 percent on a T3 basis through July, to $1,676, a slight deceleration from recent months, with the recovery of leisure and hospitality pressuring the Renter-by-Necessity segment. Meanwhile, investment volume exceeded $2.2 billion, already surpassing all other years except 2021.

Rent growth has moderated in Phoenix since the start of 2022, clocking in at 0.3 percent on a T3 basis through July, to $1,960, trailing the U.S. rate. The softening is likely due to substantial development, with 17,000 units delivered and almost 35,000 under construction.

Queens’ multifamily rent growth slowed to 0.2 percent on a T3 basis, reaching $2,820 in July, although occupancy climbed to 98.3 percent, hinting at strong levels of demand. Developers brought 2,204 units online, accounting for 2.1 percent of existing inventory.

Multifamily investors continue to be keen on Minneapolis-St. Paul despite moderating rent performance, with the $923 million of assets sold in 2022’s first seven months well above the same period last year and on track to surpass 2021’s peak of $1.7 billion. Deliveries have also hit the brakes, with construction starts almost at a standstill due to strict rent control regulations.

Rents rose 0.8 percent on a T3 basis through June, to $1,727, although last year’s deliveries dented the occupancy rate in stabilized assets, which dropped 70 basis points in the 12 months ending in May, to 95 percent.

Baltimore’s multifamily rents grew 9.4 percent year-over-year, to $1,664. Both transactions and construction activity cooled off after an exceptional 2021, with $1 billion generated by sales in the first half of the year and deliveries amounting to 0.3 percent of stock.

After a deep trough and a relatively speedy recovery, Brooklyn’s back. Rents are up 11.2 percent year-over-year, mainly fueled by upscale communities, bringing the average rate $200 above the figure recorded in 2020, prior to the pandemic. With strong demand fueling these rate increases, occupancy improved even as completions accelerated in the New York City borough.

More than $2.1 billion in multifamily assets changed hands in the Queen City in the first half of the year, well above the $1.4 billion transaction volume recorded over the same interval in 2021. Meanwhile, deliveries hit the brakes, but rent growth remained 20 basis points above the 1.1 percent national average on a T3 basis.

Detroit rents rose 0.8 percent on a T3 basis through June, to $1,228, as occupancies slowed but remained relatively high, at 96.5 percent in May. Transaction activity slowed in the second quarter, but the per-unit price rose by a hefty 49.4 percent over the course of a year.

Despite being located in Southern California, the Inland Empire has by far the most affordable rents on the West Coast, at $2,164. With construction activity staying limited and its shipping- and logistics-anchored economy going through arguably its best moment, property values have increased quickly in 2022, with per-unit prices reaching $360,284.

A slowdown in demand put a 140-basis-point hole in the occupancy rate in stabilized properties, causing Las Vegas’ rent growth to moderate. Through June, it was up just 0.6 percent on a T3 basis, to $1,525. Deliveries also lagged, with just 216 units brought online, but investment remained high.

Following a tough pandemic period, Manhattan’s multifamily market is enjoying a strong run, outperforming national rent growth by 10 basis points. Investment was the standout metric for the borough during the first half of 2022, with $3 billion in sales recorded, $500 million more than the previous 24-month total.

Strong demand helped maintain occupancy at 96.7 percent in May, despite robust deliveries. As a result, rents continued to rise, up 1.0 percent on a T3 basis through June, to $1,695. Transaction activity neared $1.2 billion as of June, double the volume recorded during the same interval last year, although signs of moderation were beginning to appear.

The first half of the year ended on a strong note for transaction activity in the metro. Roughly $753 million in multifamily assets traded, almost twice the volume reported in the first half of 2021. Meanwhile, rents maintained their upward trajectory. At the end of June, average overall rents grew by 1.2 percent on a T3 basis, to $1,185.

Rents rose 1.2 percent on a T3 basis through May, and occupancy increased 90 basis points in the 12 months ending in April, to 95.5 percent. Despite the current economic headwinds, transaction activity remained robust, in May coming in above the volume recorded during the same period last year.

Following last year’s robust inventory expansion, Houston rents rose 0.7 percent on a T3 basis in May, while occupancy hiked 130 basis points year-over-year as of April, to 94.1 percent. Transaction activity intensified, with sales volume through May far outpacing last year’s through the same interval.

Orlando posted solid fundamentals across the board at the end of 2022’s first five months. Rents grew by 1.2 percent on a T3 basis through May to an average of $1,796, while sales amounted to $2.5 billion. The occupancy rate also improved, up 90 basis points year-over-year in April.

After leading rent growth nationally for long swaths of the cycle, Sacramento’s multifamily sector is juggling slow construction activity, record-high rents and increased property values. The average rent in the capital of California was $1,936 as of May, more than $250 higher than the all-time-high national figure of $1,680.

Rents in San Francisco were up 8.7 percent year-over-year—to $2,750—a slower pace than in most U.S. markets. However, the metro’s pipeline, with more than 20,000 units underway, shows enduring confidence in the city’s rental sector.

San Jose’s multifamily rents reached a new high, growing 1.8 percent on a T3 basis through May, to an average of $3,006. After a record-breaking year in 2021 with 7,230 units added to the rental stock, deliveries did not start the year at a similar clip, with only 500 units added.

Seattle rent growth outperformed the U.S. as a whole, rising 1.4 percent on a T3 basis through May, while occupancy was up 120 basis points to 96.3 percent in April. As metrics continued to strengthen, investment activity also flourished.

Multifamily continues to be one of the leading growth areas for Tampa Bay’s real estate sector. On a T3 basis through May, rents grew by 1.2 percent to a record $1,797 average. Transaction activity also kept up an accelerated pace, with sales in the first five months of the year totaling almost $3 billion, three times the 2021 deal volume for the same period.

Despite economic turbulence, Washington, D.C., multifamily remained largely unfazed going into the second half of 2022. Rents were up 10 percent year-over-year, while the 37,345 units underway placed the metro’s pipeline fourth nationwide. Meanwhile, $1.9 billion in rental assets traded this year through May.

Rent growth picked up again in Austin, with a 0.8 percent increase on a T3 basis through May, to $1,744, while occupancy increased by 130 basis points in the 12 months ending in April. Current economic conditions somewhat dampened transaction activity, but development remained elevated.

Rent growth picked up in Boston, rising 1.3 percent on a T3 basis through April, to $2,611, while occupancy gained 100 basis points in the 12 months ending in March. On the other hand, deliveries softened, and investment volume totaled $565 million through April.

Denver’s transaction activity surpassed $1.5 billion, with the price per unit rising 13.7 percent in 2022. On the other hand, rents only rose slightly on a T3 basis. Meanwhile, deliveries maintained a recent softening trend.

Los Angeles started the new year on a strong note, hot off a 2021 when multifamily sales reached $5.2 billion. Rents were up 12.7 percent on a year-over-year basis, gaining ground so that it now only slightly trails the nation after a rough pandemic, while the development pipeline had 30,079 units underway.

With rents increasing by 24.6 percent year-over-year through April, Miami ranked first nationally in rent performance. The average overall rent was $2,261, well above the national figure. Transaction activity also intensified, with $2 billion in multifamily assets changing hands in the first four months of the year.

Nashville rents rose 0.8 percent on a T3 basis through April, to $1,591, while occupancy stood at 96.4 percent in March, signs of a tight rental market. Meanwhile, transaction volume nearly reached the $1 billion mark, gaining in price per unit on an annual basis.

Rent growth in Phoenix moderated to $1,645, rising 0.4 percent on a T3 basis through April, likely affected by robust supply additions, which marked an all-time high in 2021. Through April, completions equated to 0.8 percent of total stock.

Going into summer, Portland rentals are on a sound footing, with rent growth at 0.7 percent on a T3 basis, barely trailing the national figure. Improvement is driven by strong demand, keeping occupancy high and development activity accelerated.

Raleigh-Durham rents averaged $1,551 in April, with growth on a T3 basis on par with the national rate. Investment volume surpassed $1.1 billion in the first four months of 2022, and after delivering almost 1,700 units, developers are likely to remain busy in the second half of the year.

As a coastal market, San Diego is not just making strides, it’s overperforming. Rents were up a strong 20.8 percent year-over-year, above the U.S. average and considerably above nearby Los Angeles, the Inland Empire and Orange County. Meanwhile, investor interest remains high, and occupancy is improving.

Chicago average rents reached a new high, growing 90 basis points on a trailing three-month (T3) basis through April to $1,659. Transaction volume in the first four months reached $868 million, up 54 percent compared to the same period in 2021, while construction during those four months was almost on par with the entire previous year.

Atlanta rents are bolstered by a strengthening job market that expanded 5.8 percent year-over-year. The city’s unemployment rate also returned to pre-pandemic levels. A record number of new units completed last year softened rent growth, up 0.3 percent on a T3 basis through March to $1,673.

Brooklyn’s multifamily rents recorded a steady pace of growth during the first quarter and exceeded pre-pandemic levels at $3,123 in March. Demand is rebounding, with 2022 potentially a banner year for rental construction; 14,455 units were underway as of March.

In the first three months of 2022, Charlotte rents grew by 0.7 percent, on par with the national average. Rents averaged $1,522 in March. With the continued influx of remote workers and occupancy rates above 95.5 percent, Charlotte remains a growth market.

Las Vegas rent improvement continued, with rents rising 0.7 percent on a T3 basis through March to $1,493. Investment is also off to a strong start, with $850 million in assets already trading through the first quarter. Still, the local economy has challenges ahead, despite a 12.6 percent job market expansion over the last year.

Following a challenging two years, Manhattan’s rental sector is now improving.. Although the employment market is less hot than the national climate, there are some notable silver linings. 2022’s first three months of property sales already surpassed 2020’s full year total, at just below the $1 billion mark.

Philadelphia wrapped up a banner 2021 with records for transactions and deliveries and kicked off 2022 on the right foot. Some $250 million in rental assets traded in the first quarter, while the per-unit price nearly doubled.

Rents in New York City’s largest borough expanded 0.3 percent on a T3 basis through March, to an average of $2,768. Development continued to recover from a pandemic-driven near pause. Activity picked up momentum in 2021, with 1,186 units added to borough inventory.

San Antonio posted healthy fundamentals at the end of the first quarter, with rents rising 0.7 percent on a T3 basis through March, to $1,247, and occupancy at 95.1 percent. The metro’s investment activity remained elevated, with sales volume amounting to $518 million through the first quarter.

St. Louis had a healthy first quarter, with rents up 0.6 percent on a T3 basis through March to $1,125. Occupancy surpassed the 95 percent mark in February. With healthy demand, investors remained active. Sales volume rose to $304 million in the first quarter, well above the same time last year.

Rent growth in Minneapolis-St. Paul slowed in the first quarter, marking one of the lower increases among major markets. As of March, the metro’s average rent was $1,433, up 0.2 percent on a T3 basis. Completions also moderated, with only 1,018 units coming online so far this year.

Albuquerque rent growth slowed to 0.2 percent on a T3 basis through February, reaching $1,186, while on a year-over-year basis improvement outpaced the national rate at 17.7 percent. Deliveries were sluggish to start the year, with the market notoriously slow to add to its rental stock.

Average rents exceeded $1,000 for the first time in Cleveland, as demand pushed growth on a T3 basis to 0.4 percent. The market is also recording solid performance on other fronts, with rental deliveries and sales volume both at decade highs.

Columbus rents rose 0.6 percent on a T3 basis through February, to $1,147. Transaction activity remained elevated, with $187 million in multifamily assets already traded by the end of February, hot off last year’s new record figure.

Indianapolis rents grew 0.8 percent on a T3 basis through February to $1,121. Of the market’s nearly 5,000 units under construction, almost 60 percent are expected to be completed by year’s end. Transaction activity in the market is hot off a new record, as $1.1 billion in rental assets traded in 2021.

Rents averaged $1,469 in February, with growth on a T3 basis largely on par with the national rate. Investment volume surpassed $321 million in the first two months of the year, while rental deliveries were also off to a good start in 2022.

Knoxville’s multifamily market fundamentals are improving, capitalizing on the long-lasting appeal of the Sun Belt. Knoxville rents rose 1.1 percent on a T3 basis as of February, nearly twice as fast as the U.S. rate of growth, and other performance metrics were also above trend.

Orange County rents rose 0.9 percent on a T3 basis through February, to $2,614, and occupancy climbed close to the 98 percent mark as of January. Employment growth outperformed the nation for the fifth consecutive month, helping fuel the market’s recovery.

Rent growth in Pittsburgh was just 0.3 percent on a T3 basis through February, reaching $1,266. Occupancy climbed above 96% in January as the construction pace picked up slightly but population continued to decrease. The employment market is in recovery mode but lags U.S. numbers.

Despite a spotty economic recovery, Richmond multifamily is registering a steady comeback. Rents were up 0.4 percent on a T3 basis as of February, not far behind the 0.6 percent U.S. figure. Meanwhile, transactions and development broke new records last year.

Salt Lake City maintained positive momentum, as rents rose 0.9 percent on a T3 basis through February, clocking in at $1,514. Despite the steady performance over the past year, rents are still below the $1,628 U.S. average, fueling in-migration from higher-cost western markets.

Orlando rents averaged $1,683 in January, up 0.8 percent on a T3 basis. Investment reached a new decade high last year, at $5.7 billion, with deliveries also achieving a historic level. Prospects look bright for this year, as well.

Following a decade of fast-paced improvement, Sacramento rents inched up 0.1 percent on a T3 basis as of January, to an average asking rate of $1,874. The Renter-by-Necessity segment drove the market, leading rent gains, occupancy growth and sales activity. Job growth was slow—up 3.8% YoY through November, trailing the U.S. overall.

Rent growth in San Jose cooled off this winter, after a strong rebound during the year’s second half, largely following national trends. The metro’s average rent was $2,832, up 11.3 percent year-over-year and still among the highest asking rents in the U.S.

As the fastest-growing market in the well-performing state of Texas, Austin maintains strong appeal. The metro’s average asking rent was $1,694 as of January, up 0.6 percent on a T3 basis, leading the state as corporate relocations and expansions continue to create growth in well-paying jobs.

Multifamily investment activity doubled year-over-year, achieving record levels in 2021. Meanwhile, deliveries hit a historic low for the metro. Rent growth cooled off during the winter to an overall average of $1,611, with T3 improvement at 0.1 percent as of January.

Texas’ overperforming multifamily market was led by the Dallas-Fort Worth Metroplex. The region led all U.S. markets in both deliveries and transactions. With the average rent still well under the national average, at $1,434 as of January, improvement will likely continue.

Developers completed 2,039 units in 2021, almost doubling 2020. This influx of new supply tempered last summer’s high occupancy rate in stabilized properties, bringing it to 96.9 percent as of December. Rent growth softened during the winter, with the average asking rent of $1,165 leaving plenty of room for improvement.

Following a turbulent decade, the metro posted strong 2021 sales activity, with $10.4 billion in multifamily assets trading. Houston was second among all major markets in inventory expansion, as demand for housing stayed elevated.

San Bernardino and Riverside counties’ notoriously low-volume inventory expansion continued in 2021, leading to tight occupancy, at 97.9% as of December. Although the average asking rent was $2,024 as of January, the Inland Empire is still the most affordable major market in Southern California.

Although lacking the breakneck evolution of gateway or Sun Belt cities, Kansas City’s multifamily market continues to show improving fundamentals amid solid economic growth. Rents were up 7.2 percent year-over-year going into 2022, while occupancy rose 120 basis points over 12 months.

Limited development in Boston pushed up the occupancy rate to 96.5 percent in November, and asking rents rose 0.7 percent on a T3 basis through December, to $2,514. Last year’s transaction volume marked a new high, nearing $3.2 billion.

The Los Angeles multifamily sector performed well in 2021, despite demographic struggles and lagging job recovery. Even so, the metro recorded an average overall asking rent of $2,402 as of December, among the highest asking rents in the nation.

Miami rents grew by 23.5 percent year-over-year through December, with the metro ranking third for rent growth nationally. The average rent hit $2,133, while the U.S. rate clocked in at $1,594. Investors traded $7.4 billion in multifamily assets in 2021, a regional record.

Rent growth in Portland softened to 0.3 percent on a T3 basis through December, reaching $1,635. The job market posted a 6 percent expansion as of October, outperforming the nation by 70 basis points.

Rents averaged $1,493 in December, with growth on a T3 basis almost on par with the U.S. rate. Investment volume hit an all-time high of $3.4 billion last year, while 5,339 units came online.

Strong demand sustained San Diego’s multifamily market, which paired with limited growth pushed asking rents up 1.1 percent on a T3 basis through December, to $2,370, and brought occupancy close to 98 percent in November. Transaction volume marked an all-time high, surpassing $2.7 billion in 2021.

San Francisco’s occupancy rate rose 2 percent in the 12 months ending in November, to 94.6 percent. Meanwhile new inventory marked an all-time high last year as the job market expanded by 5 percent as of October, signaling tailwinds for multifamily ahead.

Although rent growth was minimal, at 0.1 percent on a T3 basis, Seattle rents remained elevated at $2,328 as of December. Meanwhile, multifamily investment rebounded after a slow 2020, with per-unit prices moving up to an average of $372,476.

Tampa’s transaction volume grew in 2021, with $4.6 billion in multifamily investment activity through 12 months. Often a sub-average rental market in the past, Tampa now surpasses national average asking rent with a $1,676 recorded as of December.

Although rent growth decelerated in the fourth quarter, metro D.C. rates advanced 9.7 percent over the last year, with average rents reaching $1,958. Both sales and deliveries were strong.

Rent growth in Atlanta softened to 1.2% on a trailing three-month basis through November, to $1,627, surpassing the $1,590 U.S. average. Stock expansion and transaction activity through November have reached new highs in the metro.

Although easing slightly, Brooklyn’s multifamily market struggles continued, with its rent growth at 0.7% on a trailing three-month basis as of November. With the eviction moratorium set to end in January 2022, the New York City multifamily market is at something of a crossroads.

Rents averaged $1,464 in November, marking a 1.2% improvement on a trailing three-month basis. Transactions surpassed $3.2 billion, already outperforming 2019’s $3.1 billion cycle peak. More than 18,600 units were under construction, with 2022 total deliveries expected to hit a decade high.

Rents averaged $1,689 in November, with growth on a T3 basis at half the U.S. figure. Investments of $2.8 billion nearly double last year’s volume. Nearly 16,500 units were underway, but deliveries hit a five-year low.

Rent growth in Denver softened to 0.7% on a trailing three-month basis through November, to $1,786, following six consecutive months of growth above the 1.5% mark. The employment market rose 6.3% in the 12 months ending in September, recording the fourth consecutive month of expansion.

With rent growth significantly rebounding during the year’s second half following a prolonged downward trend, the borough’s average rent was the still the highest among major markets, at $4,172, up 0.8% on a trailing three-month basis.

Rent growth in Nashville moderated to 1.1% on a trailing three-month basis through November, to $1,508, following six consecutive months of growth around the 2.0% mark. The employment market outperformed the nation, and the transaction volume recorded a new high.

Phoenix rents rose 25.9% on a year-over-year basis through November, to $1,607, leading all major U.S. markets, while the inventory expansion and investment activity marked new peaks. The job market expanded 7.0% in the 12 months ending in September, reaching a full employment recovery.

The borough’s rent growth ended the year on a brighter note than it started, with growth at 1.0% on a trailing three-month basis as of November. Despite lulls in both construction and sales, the average occupancy rate in stabilized assets stood at 98.0%, up 30 basis points since January 2021.

Rents averaged $1,425 in November, marking a 0.5% uptick on a T3 basis. Investor appetite reignited as deals totaled $1.2 billion year-to-date through November, nearly 25% above the 2020 total deal volume. More than 18,000 apartments were under construction, with the bulk of them aimed at high-income residents.

Rents averaged $1,601 in October, up 1.4% on a T3 basis. Multifamily investments hit a record $2.2 billion, nearly 50% higher than last year. Some 4,300 units were under construction, though deliveries are at an historic low.

Detroit rents rose 1.1% on a trailing three-month basis through October, to $1,157, lagging the 1.5% U.S. rate. The job market rose 8.7% in the 12 months ending in August, posting the fourth consecutive month of expansion.

Rents averaged $1,231, up 1.3% on a T3 basis through October. Some 26,000 units were under construction, with deliveries to hit 17,000 by year-end. Transaction volume through October hit $6.8 billion, already a cycle peak.

Rents averaged $1,993 in October, a 1.9% increase on a T3 basis. Transactions totaled $1.9 billion, 81.2% higher than last year. Development slowed, with 2,702 units underway and approximately 1,900 units slated to deliver by year-end.

Following a strong summer, Kansas City’s multifamily market is poised to end the year on a solid note, with rent growth at 0.6% on a trailing three-month basis. Following a year-over-year improvement rate of 7.0%, the metro’s overall average rent reached $1,099 as of October.

Rent growth in Las Vegas was up 2.6% on a trailing three-month basis through October, to $1,437, well above the 1.5% national rate. The job market ranked first among major metros, expanding by 9.1% in the 12 months ending in August.

Orlando rents averaged $1,640 in October, up 2.5% on a T3 basis. Multifamily investment activity intensified, hitting a decade high of $3.6 billion in the first 10 months of the year, while deliveries also reached a historic high as 9,386 units came online.

Metro Philadelphia rents rose 1.2% on a trailing three-month basis as of October, to an above-U.S. average of $1,589. Investment activity in Philadelphia heated up in 2021, with the overall sales volume of the first 10 months of the year already outpacing 2020’s annual total.

Sacramento rents rose 1.4% on a trailing three-month basis, to $1,882, while on an annual basis they rose a robust 15.4% increase. The employment market improved by 3.8% in the 12 months ending in August, the third consecutive month of expansion.

San Jose rents rose 1.2% on a trailing three-month basis through October, to $2,816, sustained primarily by demand for Lifestyle units. That demand also boosted occupancy and supply. The employment market rose 2.5% in the 12 months ending in August, the second consecutive month of expansion.

Austin rents rose 17.7% on a year-over-year basis through September to $1,620, but showed signs of a slowdown on a trailing three-month basis, rising just 2.1%. The employment market expanded by 5.0% in the 12 months ending in July, topping all major markets.

Rents averaged $2,462, up 1.6% on a T3 basis through September. More than 17,000 units were under construction, with deliveries expected to hit 8,600 by year-end. Transactions through September totaled $2 billion, more than during all of 2020.

Rent growth in the Metroplex saw a 1.8% increase on a trailing three-month basis through September, reaching $1,388. The employment market expanded by 3.5% in the 12 months ending in July, and transaction volume reached the highest value of the decade.

As of September, rents rose by 1.1% to $2,328 on a trailing three-month basis, above the $1,558 U.S. average. Year-over-year, rates increased by 7.2%, a welcome improvement among primary markets, where growth is trailing the Southeast and Southwest.

The Triangle seems to have fully recovered from the most recent downturn. As of September, rents had risen by 3.0% to $1,484 on a trailing three-month basis. Transactions totaled $2.4 billion, more than during all of 2020, while deliveries are expected to hit an all-time high of 7,960 units by year-end.

San Diego rents rose 1.8% on a trailing three-month basis through September, to $2,260, outperforming the national rate by 20 basis points. The employment market posted a 1.7% expansion in the 12 months ending in July, marking the first month of positive growth.

Rent growth in the Bay Area marked a 1.2% increase on a trailing three-month basis through September, to $2,640. The employment market trailed the 2.5% national rate, expanding by less than 0.1%, but left negative territory.

Rents in the Puget Sound area rose to $2,046 in September, a 2.0% uptick on a T3 basis and 40 basis points above the national rate. Nearly $2 billion in multifamily deals closed during the first three quarters of the year, and 26,470 apartments were underway as of September.

Rents increased by 2.7% to $1,614 on a trailing three-month basis as of September, above the $1,558 U.S. average. Tampa was also among metros with annual asking rent expansion higher than 20%. Year-over-year, Tampa rents edged up by 22.6%.

Rents increased by 1.2% on a T3 basis through September to $1,952. Transaction volume totaled $3.8 billion during the first nine months of the year, a 4.5% increase over last year. Nearly 40,000 units were under construction, with 7,965 units completed through September.

Indy rents averaged $1,052, a 1.1% increase on a T3 basis through August. Meanwhile construction slowed, with deliveries of fewer than 1,000 units. As investors shifted focus to rent-by-necessity assets, $309 million in transactions was recorded.

Rents rose to $1,325 in August, a 1.7% uptick on a T3 basis, in line with national growth. Nearly $780 million in multifamily transactions closed year-to-date, and around 11,500 units were under construction.

Rents inched up 2.0% on a T3 basis as of August, 30 basis points ahead of the national rate. The average Portland rent was $1,604, above the $1,539 U.S. average. Year-over-year, rents in the metro climbed 11.3% as of August.

Rent growth in St. Louis posted a 1.1% increase on a T3 basis through August to $1,075, sustained by the Lifestyle segment. Employment growth in the 12 months ending in June marked a 0.6% rise, double the 0.3% national rate.

San Antonio rents rose 1.5% on a trailing three-month basis through August to $1,149, boosted by the upscale segment. The employment market posted a 2.8% expansion in the 12 months ending in June, and transaction volume has already surpassed last year.

Cleveland rents rose 0.7% on a T3 basis through August to $1,016, trailing the 1.7% national average but well above pre-pandemic levels. A reported 3,884 units are underway, but new deliveries lag, totaling just 315 units in 2021 through August.

Rent growth in Orange County improved by 1.6% on a T3 basis through August to $2,343, due to rising demand and limited inventory. Investor activity picked up, with deal volume through August surpassing 2020 and 2019 totals.

Salt Lake City’s quick rebound has been propped up by strong demographics, as well as its solid employment market. Rents in the metro were up 1.5% on a T3 basis, slightly below the 1.7% national rate.

The rental market is overperforming in most metrics, with rents up 2.8% on a T3 basis as of August. With the overall average at $1,992, rents are well over the national average, as new residents have poured into the market over the past 12 months.

Following a softer first quarter in rent growth, Albuquerque’s rents rose 1.9% to $1,079 on a trailing three-month basis through July. The job market posted a 3.2% contraction in the 12 months ending in May, improving from the -5.7% rate the month prior.

Rents averaged $1,648 in July, an increase of 1.6% on a T3 basis, in line with national growth. Investment activity hit $1.4 billion, already exceeding last year’s total volume. Construction activity slowed down, with 16,213 units underway.

Benefiting from pandemic-induced migration patterns and economic stimulus payments, Columbus is likely to perform well for the rest of the year. As of July, rents in Franklin County were up 1.0% on a trailing three-month basis and multifamily investment hit $268 million, some 40% above the same period last year.

Rent growth in Denver marked a 2.0% uptick on a trailing three-month basis through July, to $1,715, as deliveries softened despite a robust construction pipeline. Transaction activity remained high and the price per unit rose by 41.0% on a year-over-year basis.

The Northeast Florida metro ranked among leading markets for year-over-year rent growth, with rates up 17.4% in July. On a trailing three-month basis as of July, Jacksonville rents were up 3.1%, to $1,562, slightly above the $1,510 U.S. average.

Knoxville rents rose 1.6% to $1,176 on a trailing three-month basis through July, on par with the U.S. growth rate but below the national average rent of $1,510. Employment growth turned positive, rising 0.6% in the 12 months ending in May, well above the -1.9% U.S. rate.

Rents increased by 2.0% on a T3 basis through July to $1,424, led by Lifestyle sector growth of 2.4%. Construction starts slowed, however 17,000 new units are underway. Year-to-date transactions hit $1.1 billion through July.

Phoenix rents posted the best performance in the U.S., rising 2.3% on a trailing three-month basis through July, to $1,453. Employment marked a 0.1% uptick in the 12 months ending in May, while through July, investment volume nearly matched the 2020 total amount.

Recovery in gateway markets is gaining momentum as people who left cities during the pandemic are making their way back. As of July, rents in Queens were up 2.2% on a trailing three-month basis, to $2,556, well above the $1,510 national average.

On a trailing three-month basis through July, rents grew by 0.5%, averaging $1,381. Investment remained strong, with $522 million in multifamily assets changing hands in the first seven months of the year. Developers already completed 4,232 units and Yardi Matrix expects deliveries to hit 8,355 units this year, which would mark a cycle peak.

Atlanta rents rose 1.9% on a T3 basis through June to $1,484, closing the gap on the national average. The employment market shrunk by just 1.0% in the 12 months ending in May, prompting a positive outlook.

Rents increased by 1.3% on a T3 basis through June to $1,506. Investment activity picked up with $1.1 billion in transactions closed in the first half of 2021, nearly double the same time last year.

Although Brooklyn’s rent growth on a T3 basis through June hit 2.1%, the borough still has a long way to go before full recovery. By mid-year, no community of 50+ units had changed hands and developers had completed just 449 units.

The metro’s swift recovery continues. Investment volume matched 2019’s performance for the first six months of the year and deliveries almost surpassed last year’s total supply additions. On a T3 basis through June, rents improved by 1.9% to $1,338.

Following a brief softening in rent growth, the average rent rose 0.8% on a T3 basis through June to $1,103. Employment growth turned positive, rising 0.3% in the 12 months ending in May, well above the -1.9% national rate.

Rent growth in the Inland Empire remained among the highest in the nation, up 1.7% on a T3 basis through June to $1,843. The job market registered a 0.8% contraction in the 12 months ending in May, outperforming the -1.9% national rate.

On similar footing with other Midwest metros, Kansas City’s rental market continued to improve during the second quarter. As of June, rents were up 0.9% on a T3 basis to $1,058, below the $1,482 U.S. average.

Las Vegas rents rose 1.7% on a T3 basis through June to $1,278, 60 basis points above the national average. The employment market posted a 4.4% contraction in the 12 months ending in May, trailing the -1.9% U.S. rate.

With people gradually returning to urban cores, rent growth in gateway markets is the result. As of June, rents in Manhattan increased 2.2% on a T3 basis, to $3,869, more than double the $1,482 U.S. average.

Rents increased to $1,510, a 1.1% gain on a T3 basis through June. Investment volume picked up as pricing per unit neared $163,000. Deliveries through June topped 2,200 units, with nearly 15,000 more under construction.

Boston’s rent performance turned positive, up by 0.4% on a trailing three-month basis through April to $2,258. However, jobs are down by 9.3% year-over-year through March and will need to pick up to maintain rent recovery. Meanwhile, multifamily development has surged and transactions are on the upswing.

Chicago’s multifamily metrics have started to bounce back. In April, metro rents were up 0.5% on a trailing three-month basis to $1,532, above the $1,417 U.S. average.

As the metro moves through a phased recovery, multifamily rates have also started to bounce back—as of April, rents were up 0.5% on a trailing three-month basis to $1,578, above the $1,417 national average.sure

LA’s multifamily market shows its first positive signs, with rents rising 0.1% on a trailing three-month basis through April to $2,166. But employment still has a long way to go, contracting by 11.5% in the year ending in February.

Gateway markets continued to recover this month, with Miami leading the way. Rents improved by 0.8% on a trailing three-month basis through April to an average of $1,775. And investment activity surpassed $1.4 billion through April 2021, doubling last year’s performance.

Employment is rebounding, particularly in office and logistics, even as the tourism economy struggles. Impacts are shown in rent growth, which hit 0.5% on a T3 basis. Multifamily investment also started 2021 strong.

Strong demographic expansion pressured demand and rents rose 0.9% on a trailing three-month basis through April to $1,316. The employment market shrunk by just 3.7% in the 12 months ending in February, putting the city in a much stronger position than most. Meanwhile, transaction and development remained elevated.

Healthy demand pushed Portland rents up by 0.7% on a T3 basis through April to $1,473, outperforming the U.S. average. But the employment market trailed the nation, contracting by 8.4% in the year ending in February.

Most coastal markets have struggled as the pandemic recedes, but San Diego is faring better. Rent growth on a trailing three-month basis was 0.6% as of April, with the average rent at a strong $2,056. Occupancy has also increased significantly, sitting at 96.2% in stabilized properties as of March.

As with other Sun Belt secondary markets, the Triangle’s multifamily outlook is positive in both the near and long term. Rent growth hit 0.3% on a T3 basis through April, transaction activity has accelerated and deliveries are far surpassing 2020 levels.

Showing signs of improvement, Philadelphia Lifestyle and RBN rents both increased by 0.4% on a trailing three-month basis. Development continued, with more than 13,000 units under construction. Transaction volume, however, has yet to bounce back from its 58.1% drop last year.

Rent growth in Atlanta moderated slightly, but rents still rose 0.3% on a trailing three-month basis through March to $1,378. The employment market contracted by just 3.5% in the 12 months ending in December, outperforming the -6.8% national rate.

Brooklyn rents were up 0.3% on a trailing three-month basis through March, to $2,637. Year-over-year, Brooklyn rates were still down 10.5% as of March, but recent activity points to steady improvement.

Charlotte has continued to be resilient, with rents improving for the third consecutive quarter. On a trailing three-month basis through March, rents rose 0.3% to an average of $1,251.

Las Vegas rents remained among the top three performers nationally, rising by 0.5% on a trailing three-month basis through March to $1,187, 20 basis points above the U.S. average. Investor demand, however, is waning: transaction activity softened, and the per-unit price fell by 38.8% to $113,052.

With 1 million jobs missing from New York City, the boroughs have a long road ahead. As of March, Manhattan rents were down 0.5% to $3,626 on a trailing three-month basis. More than 5,000 new units are also under construction, meaning pressure on pricing is likely to stick around even as the job market improves.

Queens rents were down 0.6% on a trailing three-month basis through March to $2,427. Development has also tanked: the number of completed units in the 12 months ending in March dropped 80.9% to 406 units from the previous 12 months, marking a five-year low.

San Antonio’s robust supply additions and substantial construction pipeline, coupled with pandemic disruptions, kept rent growth flat on a trailing three-month basis through March at $1,056.

Rent growth in St. Louis moderated, rising 0.1% on a trailing three-month basis through March to $1,003. Meanwhile construction activity remains intense, with 4,491 units underway.

The Minneapolis-St. Paul metro has persevered through the pandemic. Both Lifestyle and RBN rents increased by 0.2% on a trailing three-month basis through March. Development continues at a steady pace, with 1,991 units delivered in the first quarter

Albuquerque rents appreciated by 0.3% on a trailing three-month basis and by 6.1% on a year-over-year basis through February to $994. The employment market, at -4.8% in the year ending in December, outperformed the national average by 200 basis points.

Cleveland’s multifamily market has been durable despite economic volatility. Since the onset of the pandemic, rent growth has not slipped into negative territory. On a trailing three-month basis through February, rents rose 0.2% to $980, while the U.S. figure contracted by 0.1% to $1,399.

Columbus rents rose 0.3% to $1,037 on a trailing three-month basis through February. However, COVID-19 has heavily impacted the metro’s employment pool, which contracted by 70,500 positions in 2020, according to federal estimates.

The Indianapolis multifamily market has remained resilient during the pandemic, thanks to demand driven by a supply imbalance in Class A assets. Rents were up 0.3% to $877 on a trailing three-month basis through February.

Rent growth in the metro was consistent through 2020, and the positive momentum carried over into the new year. As of February, rents were up 0.1% to $1,168 on a trailing three-month basis, slightly below the $1,399 national average.

Knoxville rents rose 0.4% to $1,099 on a trailing three-month basis through February, with strong demand for both asset classes. The employment market posted a 2.2% contraction in the 12 months ending in December, substantially outperforming the -6.8% national rate.

Orange County rents rose 0.3% to $2,449 on a trailing three-month basis through February, but the employment market remained sluggish, down 9.4% in the 12 months ending in December. Investment activity resumed, with the per-unit price marking a new high.

Rents increased by 0.3%, with RBN growth leading the pack. Investment volume increased 4.6% to $245 million, as per-unit pricing jumped by nearly 9%. Developers broke ground on 1,100 units in 2020 as deliveries slowed.

A robust recent supply and construction pipeline tempered rent growth in Richmond; it rose 0.3% on a trailing three-month basis through February, to $1,204. The diverse economy aided the employment market, which posted a 4.6% contraction in the year ending in December.

The trend of lower-cost markets outperforming is visible in Salt Lake City. Unemployment is the lowest in the Western region and the metro’s multifamily market has been resilient. At $1,249, the average rent grew 0.4% on a trailing three-month basis through February, 30 basis points above the U.S. rate.

While rent growth rebounded in Austin, its employment market contracted 2.8% year-over-year as of November. The number of apartments added to the market in 2020 was the second highest influx of the decade, and transaction activity also soared.

Baltimore rents were up 0.4% on a trailing three-month basis, to $1,426. However, the pandemic hit the metro’s employment pool hard, causing it to contract by 97,500 positions in 2020, according to federal estimates.

Rent growth marked its fifth consecutive month of appreciation in Dallas, rising 0.2% on a trailing three-month basis through January to $1,225. Employment growth posted a 3.3% contraction in the 12 months ending in November, well above the -7.2% U.S. rate.

Despite the challenges of 2020, multifamily fundamentals held up in Detroit. Steady rent growth persisted, with the rental average reaching $1,052 in December and holding through January.

Houston’s multifamily market is facing challenges, including record low oil prices and the cleanup from February’s harsh winter storm. As of January, rents stayed flat on a trailing three-month basis, at $1,109, behind the $1,466 national average.

Rents increased 0.6%, with “Lifestyle” rent growth at 1.0%. Investment volume dropped by 40 percent in 2020 to $1 billion, but per-unit prices hit a new high. Developers broke ground on some 1,000 units in the second half of 2020.

While rent expansion was consistent in Kansas City throughout 2020, the pandemic’s impacts became visible near year-end and carried over into early 2021. Rents were down 0.2% to $1,008 on a trailing three-month basis as of January.

Ongoing economic volatility continues to challenge Orlando’s multifamily market. For the fifth consecutive quarter, rent movement in Central Florida has trended negative. Rates dropped 0.2% to an average of $1,336.

Rents rose 0.5% on a trailing three-month basis through January to $1,392, ranking Sacramento second for growth among major U.S. metros. Supply additions marked a new high in 2020, while per-unit prices rose by 27%.

San Jose rents continued to slide, down 0.9% on a trailing three-month basis through January to $2,545, and included heavy concessions. The tech-focused employment market posted a 7.4% contraction in the 12 months ending in November.

Rents contracted by 0.5%, with Lifestyle rents dropping 0.7%. Transactions through December totaled $1 billion, a 65% decline from 2019. Developers added 7,128 units in 2020, with 18,167 more units underway.

The market could not avoid rent drops in 2020—it was down 3.0% year-over-year as of December—but there is some relief in sight. Forty of the metro's 97 submarkets saw positive year-over-year rent movement. And deliveries have stayed strong, with 9,458 units delivered last year as demand withstood a population drop.

Rents in the Miami metro were up 0.4% to $1,704 on a trailing three-month basis as of December, well above the $1,462 U.S. average. As the metro weathers pandemic-driven economic hardships, Miami is considered an example of resilience in the face of adversity.

Average rents in Portland slid 0.1% on a trailing three-month basis through December, in line with the U.S. rate. Despite economic damages inflicted by the pandemic, the metro’s multifamily market is well positioned to thrive long-term.

With strong fundamentals mitigating most of last year’s economic shock, the Raleigh-Durham multifamily market is well positioned for a steady recovery. The average rent was down 0.2% on a trailing three-month basis through December, to $1,226. Meanwhile, the national average contracted by 0.1% to $1,462.

Following a bumpy second quarter, San Diego multifamily found a smoother course in the second half of 2020. And while the average rent was down 0.3% last year, both rate growth and development are expected to recover this year.

The Bay Area’s average rents were heavily impacted by pandemic fallout, down 1.1% on a trailing three-month basis as of December. At $2,463, the market still has one of the highest average rents in the nation, and its tech-focused economy has begun its anticipated recovery.

Seattle’s multifamily market ended 2020 in a difficult position. Rents were down 1.1% on a three-month basis through December, to $1,797. However, the figure remained above the $1,465 U.S. average. Rent growth is expected to rebound by the end of this year.

As of December, the metro led the top 30 markets for short-term rent gains. On a trailing three-month basis, rents were up 0.8% to $1,337, just below the $1,462 U.S. average. With an attractive climate and strong long-term prospects, Tampa is slated for further growth.

Washington, D.C., rents were down 0.7% on a trailing three-month basis, to $1,758. Additionally, the metro’s employment market remains rattled, contracting by 181,100 positions (6.1%), in the 12 months ending in November.

Rent growth rebounded in Atlanta, up 0.7% on a trailing three-month basis through November to $1,354. The 6.1% contraction in employment growth over 12 months ending in September placed the metro among the top performers in the nation.

Brooklyn rents were down 2% on a trailing three-month basis, to $2,621. New York City’s employment market took a hit last year, contracting by 15.3%, or 834,500 positions, as of September.

After overcoming the pandemic-propelled economic shock, Charlotte’s multifamily market is now on a recovery path. Overall rents averaged $1,229 in November, growing by 0.5% on a trailing three-month basis, while the U.S. growth rate stayed flat.

Rents contracted by 0.6%, with Lifestyle sector rents dropping 1.1%. Transactions through November totaled $1 billion, a 60% decline compared to the previous year. Development remained underway on 17,500 units, though deliveries fell from 2019’s cycle high.

Denver’s employment market shrank 6.5% in the 12 months ending in September, but with three key sectors adding jobs, it outperformed the 9.3% national contraction rate. Multifamily development and transactions picked up in the third quarter, positioning the city for a strong 2021.

Mirroring gateway market trends, Manhattan is among the most impacted large U.S. metros. As of November, rents were down 1.6% to $3,758 on a trailing three-month basis.

Employment growth marked a 7.7% drop in the 12 months ending in September, outperforming the national rate by 140 basis points. Following a slow second quarter, multifamily transactions and development both picked up in Q3. However, rents shrank back into negative territory.

Phoenix’s remarkable rent performance extended, rising 0.8% on a trailing three-month basis through November to $1,259. Employment growth marked a 4.2% decline in the 12 months ending in September, landing it among the country’s top performers.

Queens has a lengthy rebound phase ahead. As of November, rents were down 1.1% to $2,439 on a trailing three-month basis, but still well above the $1,465 U.S. average.

Rent growth in Minneapolis-St. Paul entered negative territory at the end of the third quarter. On a trailing three-month basis through November, rent growth was down 0.3%, while the national rate stayed flat. Although the rental market is feeling the strain of the pandemic, deliveries forged ahead.

Baltimore rents were up 0.6% on a trailing three-month basis, to $1,406. However, the current health crisis hit the metro’s employment pool hard, causing it to contract by 8.6%, or 115,100 positions, in the 12 months ending in September.

Despite the magnitude of the job losses and the contraction in economic activity, the Cleveland multifamily market has been solid. Rent growth has not slipped to negative territory since February 2018. Rents increased by 0.3% on a trailing three-month basis through October, while the national growth rate was flat.

Detroit’s average rent rose 0.7% on a trailing three-month basis through October to $1,050, outperforming the national improvement rate but trailing the U.S. average. The employment market was among the 10 hardest hit in the country, marking a 14.9% contraction year-over-year as of September.

Rent growth in the Inland Empire led the nation, up 1.2% on a trailing three-month basis through October to $1,669, while the U.S. average stayed flat. Increased demand favored residential development, with 2,393 units delivered and another 2,302 underway as of October.

Despite the economic deceleration, average Kansas City rents improved 0.4% on a trailing three-month basis, following consistent rent growth over the past 24 months. Rents stood at $1,011 as of October, affordable compared to the $1,464 U.S. figure.

Employment in Las Vegas marked a 15.8% decrease year-over-year as of September, well behind the -9.3% U.S. rate. However, the metro’s average rent ranked third highest in the country, rising 1.1% on a trailing three-month basis through October to $1,163.

The metro’s multifamily sector continues to make headway despite economic challenges and new restrictions. As of October, rents were up 0.4% on a trailing three-month basis to $1,424, slightly below the $1,464 U.S. average.

Salt Lake City’s multifamily market has been among the most resilient in the country. Rent gains started to rebound in June, with rates rising 0.5% to $1,229 on a trailing three-month basis through October. Meanwhile, the national growth rate stayed flat.

Rents in San Antonio entered the fourth quarter with an increase of 0.1% on a trailing three-month basis through October to an overall average of $1,049. Meanwhile, job growth was among the top 10 best in the country and deliveries of new apartments surpassed last year’s total.

Rents expanded by 0.3% on a trailing three-month basis, outperforming the U.S. rate. Transactions through October increased to $484 million, a 35% gain compared to the previous year. But development slowed, with only 957 units delivered.