{"id":34755,"date":"2022-12-13T05:28:00","date_gmt":"2022-12-13T13:28:00","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=34755"},"modified":"2022-12-15T09:02:17","modified_gmt":"2022-12-15T17:02:17","slug":"rents-drop","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/rents-drop\/","title":{"rendered":"Rents Drop"},"content":{"rendered":"\n

The anticipated slowdown in multifamily performance arrived last month, as the sector clocked its lowest year-over-year growth since mid-2021, \u00a0according to the latest Yardi\u00ae Matrix National Multifamily Report<\/a>.<\/p>\n\n\n\n

U.S. asking rents fell $9 during the month to $1,719, while year-over-year growth dropped to seven percent, the lowest level in 17 months. The decreases are attributed to economic headwinds and deteriorating demand. The $9 rollback was the largest one-month decline in rents in over a decade.<\/p>\n\n\n

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The deterioration in rents was not unexpected. Rent increases have far exceeded normal growth patterns for nearly two years. Average asking rents increased by 22 percent nationally between January 2021 and October 2022, a rate that would be unsustainable under optimal conditions.<\/p>\n\n\n\n

\u201cWith the economy softening, demand for units slowing and rising interest rates creating head- winds for housing, multifamily asking rent growth finally took a turn downward in November,\u201d states the report. \u201cThe decades-high inflation rate has left household balance sheets in a weaker position than a year ago, while economic growth is slowing as the Federal Reserve raises interest rates.\u201d<\/p>\n\n\n\n

Absorption of apartments has been positive in 2022, but well below 2021 levels that were boosted by strong job growth and household savings coming out of the pandemic.<\/p>\n\n\n\n

Average U.S. rents are up 6.4 percent year-to-date, and the national occupancy rate, while slipping in recent months, is a healthy 95.6 percent. And while rent growth has turned negative in many metros this fall, every one of Matrix\u2019s top 30 metros maintains positive year-over-year growth.<\/p>\n\n\n\n

The single-family rental market is also declining. The average U.S. asking rent dropped $5 in November to $2,091, while the year-over-year increase fell by 80 basis points to 5.9 percent.<\/p>\n\n\n\n

Learn more in the latest Matrix National Multifamily Report<\/a>.<\/p>\n\n\n\n

Yardi Matrix offers the industry\u2019s 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 matrix@yardi.com<\/a>, call (480) 663-1149 or visit yardimatrix.com<\/a> to learn more.<\/p>\n","protected":false},"excerpt":{"rendered":"

The anticipated slowdown in multifamily performance arrived last month, as the sector clocked its lowest year-over-year growth since mid-2021, \u00a0according to the latest Yardi\u00ae Matrix National Multifamily Report. U.S. asking rents fell $9 during the month to $1,719, while year-over-year growth dropped to seven percent, the lowest level in 17 months. The decreases are attributed […]<\/p>\n","protected":false},"author":413,"featured_media":34767,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2791],"tags":[29],"class_list":["post-34755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-matrix","tag-multifamily"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"The anticipated slowdown in multifamily performance arrived last month, as the sector clocked its lowest year-over-year growth since mid-2021, \u00a0according\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardi.com\/blog\/rents-drop\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rents Drop\" \/>\n<meta property=\"og:description\" content=\"The anticipated slowdown in multifamily performance arrived last month, as the sector clocked its lowest year-over-year growth since mid-2021, \u00a0according\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/rents-drop\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-13T13:28:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-15T17:02:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2022\/12\/Matrix_NationalReport_Multifamily_1200x628_Nov2022_Blog_Image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Leah Etling\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Leah Etling\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/rents-drop\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/rents-drop\/\",\"name\":\"Rents Drop - 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