{"id":36056,"date":"2023-06-09T08:12:00","date_gmt":"2023-06-09T15:12:00","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=36056"},"modified":"2026-02-22T15:26:48","modified_gmt":"2026-02-22T23:26:48","slug":"rents-rise-in-may","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/rents-rise-in-may\/","title":{"rendered":"Rents Rise in May"},"content":{"rendered":"\n

Multifamily asking rents rose for the third straight month in May, according to the latest National Multifamily Report from Yardi Matrix<\/a>.<\/p>\n\n\n

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Despite the threat of a slowing economy looming, average U.S. asking rent rose $7 in May to $1,716, while year-over-year growth decelerated to 2.6 percent. That was the lowest level since March 2021.<\/p>\n\n\n\n

For the year to date, rents are up $18, or one percent since January 1. The seasonal outline of growth is not far off a typical pre-pandemic year, although the rate of increase is lower.<\/p>\n\n\n\n

\u201cWhile performance displays resilience, the data is not unambiguously positive as it has been for most of the last two years,\u201d states the report. \u201cRent growth has turned negative year-over-year in several metros as occupancy rates weaken amid slackening demand and rapid growth in new deliveries.\u201d<\/p>\n\n\n\n

Overall market attitudes remain positive. Renting is still cheaper than owning, and first-time buyers are renting longer. The stickiness of high-income renters likely contributes to the recent resurgence in high-end Lifestyle properties, in which rents rose 0.4 percent in May.<\/p>\n\n\n\n

The average single-family unit rent reached $2,100 for the first time in May, about a year after topping the $2,000 mark. Year-over-year growth fell 40 basis points to 2.1 percent. SFRs are boosted by waning home sales attributed to high interest rates and limited inventory.<\/p>\n\n\n\n

Gain more insights by downloading May\u2019s Multifamily Report<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Multifamily asking rents rose for the third straight month in May, according to the latest National Multifamily Report from Yardi Matrix. Despite the threat of a slowing economy looming, average U.S. asking rent rose $7 in May to $1,716, while year-over-year growth decelerated to 2.6 percent. That was the lowest level since March 2021. 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