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The national outlook for the multifamily sector remains positive through the end of 2022, with asking rent performance expected to have increased by around eight percent by year’s end.
That’s according to the latest U.S. Multifamily Outlook report released today by Yardi® Matrix, a leading provider of data and analysis on most real estate verticals.
The report examines the state of the economy, including ongoing inflation and recession concerns, but concludes that though rent growth is slowing down, gains are expected to continue.
Average national asking rents increased 5.7 percent in the first six months of the year. Year-over-year rent growth at the year’s midpoint was 13.7 percent, down 100 basis points from the end of 2021 and 150 basis points from the February peak of 15.2 percent.
“While growth is moderating, we expect gains will continue to remain well above trend, with average asking rents increasing by 7.9 percent nationally by the end of 2022,” states the forecast. However, the increases are far from 2021’s record 14.7 percent increase.
Property fundamentals continue to be exceptional, with demand driven by robust household formation, job growth, migration to suburbs and secondary markets, and the inaffordability of single-family homes for many would-be buyers.
More than 900,000 new multifamily units are under construction nationally, with 420,000 expected to be delivered this year. Gain more insights about expectations for the remaining months of 2022 in the latest Matrix Multifamily Outlook.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, industrial, office and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn more.
