With demand steady, apartment asking rents averaged $1,706 last month
SANTA BARBARA, Calif., April 6, 2023 – Multifamily asking rents rose slightly last month as demand stayed strong despite economic challenges, according to the new National Multifamily Report from Yardi® Matrix.
The average U.S. asking rent rose $3 in March to $1,706. Year-over-year growth fell to four percent nationally, 90 basis points less than February and the lowest level since rents started an unprecedented climb in April 2021.
Single-family rental rates increased in March by $5 to $2,079, while the year-over-year increase fell by 80 basis points to 2.8 percent.
“The first quarter produced no gains for multifamily rents for the first time in a decade, but the results come as somewhat of a relief,” say Matrix experts. “Multifamily demand held up well despite the attention given to the Federal Reserve-induced economic slowdown, bank failures and the deceleration from the outsize rent gains of the last two years. Rents and occupancy are stable as the market heads into the growth season.”
Rents and the national occupancy rate were unchanged during the first quarter of 2023, and 21 of the top 30 Matrix metros recorded rent gains in March.
Gain more insights by downloading March’s Multifamily Report.
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