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Yardi Matrix documents growth of U.S. affordable housing NOI

Industry rides favorable income and expense factors although challenges loom

MatrixAffordableReportOct2025

SANTA BARBARA, CALIF., Oct. 22, 2025 – Rising income and decelerating expense growth continue to elevate net operating income for U.S. fully affordable housing properties, as documented by Yardi® Matrix data.

NOI, which increased 7.4% in 2024, grew an average of 5.6% between January and August 2025. The income growth reflects U.S. Department of Housing and Urban Development rent increase formulas that take higher inflation and wage growth into account. Expense deceleration owes to a cooling of post-pandemic inflation shock, especially in maintenance and insurance.

While the expense and income figures are welcome news, especially considering the sluggish NOI growth recorded from 2021-23, Yardi Matrix analysts caution that “the industry can’t afford to celebrate.” That’s because factors such as property maintenance bills coming due and the slowing of income-boosting inflation “are subject to rapid change.” Moreover, federal cuts to various renter subsidies could impair low-income residents’ ability to pay rent.

Get more in-depth analysis based on a 36,000-property fully affordable housing database in the Yardi Matrix National Affordable Housing Report for October 2025.

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, single-family rentals/ build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn more.

About Yardi

Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.