{"id":37419,"date":"2024-02-14T01:03:00","date_gmt":"2024-02-14T09:03:00","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=37419"},"modified":"2026-02-22T15:26:43","modified_gmt":"2026-02-22T23:26:43","slug":"rents-remain-flat-2","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/rents-remain-flat-2\/","title":{"rendered":"Rents Remain Flat"},"content":{"rendered":"\n

The multifamily market was stable at the start of 2024, despite the pressure of a supply boom in some markets, according to the latest Yardi Matrix National Multifamily Report<\/a>.<\/p>\n\n\n

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\"\"<\/figure><\/div>\n\n\n

The average U.S. asking rent remained flat at $1,710 in January for a 0.5 percent year-over-year increase, while occupancy decreased 50 basis points year-over-year in December, to 94.6 percent.<\/p>\n\n\n\n

Rent growth remained highest in the Northeast and Midwest, while four of Yardi Matrix\u2019s top 30 metros posted rent declines of three percent or more year-over-year. Occupancy was positive in one market and remained flat in two.<\/p>\n\n\n\n

Rent growth will be impacted by supply in 2024, as Yardi Matrix forecasts a record 540,000 units to be delivered this year, and another 460,000 units in 2025.<\/p>\n\n\n\n

\u201cAnother year of weak growth is expected in 2024 largely due to the rapid increase in deliveries that stems from the sector\u2019s strong performance, high liquidity, and favorable treatment in the 2017 tax bill,\u201d say Matrix analysts.<\/p>\n\n\n\n

New supply is inconsistent across the map, with the highest amounts in fast-growing tertiary and secondary markets, predominantly in the Sunbelt and Western regions. There, rent growth will likely remain tepid. Meanwhile, the weak supply in markets in the Northeast and Midwest is expected to keep rents rising.<\/p>\n\n\n\n

Single-family rentals outperformed multifamily last month, with the average rent up $2 to $2,130 in January, a 1.5 percent year-over-year increase. The occupancy rate in December stood at 95.7 percent, up 10 basis points year-over-year, a sign that demand remained robust.<\/p>\n\n\n\n

Gain more insight in the new Yardi 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, vacant land, industrial, office, retail 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 multifamily market was stable at the start of 2024, despite the pressure of a supply boom in some markets, according to the latest Yardi Matrix National Multifamily Report. The average U.S. asking rent remained flat at $1,710 in January for a 0.5 percent year-over-year increase, while occupancy decreased 50 basis points year-over-year in December, […]<\/p>\n","protected":false},"author":442,"featured_media":37420,"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":[1169],"class_list":["post-37419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-matrix","tag-yardi-matrix"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"The multifamily market was stable at the start of 2024, despite the pressure of a supply boom in some markets, according to the latest Yardi Matrix\" \/>\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-remain-flat-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rents Remain Flat\" \/>\n<meta property=\"og:description\" content=\"The multifamily market was stable at the start of 2024, despite the pressure of a supply boom in some markets, according to the latest Yardi Matrix\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/rents-remain-flat-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-14T09:03:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-22T23:26:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2024\/02\/MFreport.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"880\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Yardi Blog Staff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Yardi Blog Staff\" \/>\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-remain-flat-2\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/rents-remain-flat-2\/\",\"name\":\"Rents Remain Flat - 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