Slowdown in Multifamily Rents Began in November, Yardi Matrix Reports


Anticipated deceleration in rent growth appears to be taking hold, despite $4 asking rent increase

SANTA BARBARA, Calif., Dec. 15, 2021 – Multifamily rents rose less in November as the anticipated deceleration in rent growth begins. Yardi® Matrix reports today that the average U.S. asking rent increased by $4 in November, to a record-high $1,590.  

“Coming out of the worst of the pandemic, the multifamily market experienced eight straight months of exceptionally high rent growth, with the average U.S. multifamily asking rent rising about $180 between March and October. A slowdown is inevitable, and it started in November,” say Matrix analysts.

Nationally, asking rents were up 13.5 percent year-over-year in November, a slight increase over October.  The single-family rental market also remains robust, with rent growth up 14.7 percent year-over-year in November.

Multifamily demand remains exceptionally strong. The average U.S. occupancy rate of stabilized properties was over 96 percent in October, up 1.4 percent year-over-year. Nearly 590,000 units were absorbed over the 12 months through October, and economic conditions are poised for steady demand.

Learn more in the latest Yardi Matrix multifamily report.

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 to learn more.

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Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit