Rents rise in multifamily housing for May 2024

Multifamily rents rose for the fourth month in a row, according to the May 2024 National Multifamily Report. Up 0.6% year-over-year, the average U.S. asking rent increased by $6 in May, up to $1,733.

The average size of new apartments in the U.S. saw substantial growth in 2023, bouncing back to 916 sf after a steep decline the previous year. That is according to a recent RentCafe market insight report released this month.

To accelerate adoption of heat pump technology in commercial buildings, the U.S. Department of Energy is offering resources and guidance for stakeholders. DOE aims to help commercial building owners and operators reduce greenhouse gas emissions and operating costs by increasing the adoption of existing and emerging heat pump technologies. 

Although the pace has slowed down this year, student housing preleasing for the 2024–2025 season reached 73.5% in April, 50 basis points year-over-year (YOY).

Amenities are no longer optional. The new role of the office is not only a place to get work done, but to provide a mix of work experiences for employees.

Associated Builders and Contractors reported that its Construction Backlog Indicator increased to 8.4 months in April, according to an ABC member survey conducted April 22 to May 6. The reading is down 0.5 months from April 2023, but expanded 0.2 months from the prior month.

Could we be headed towards a “period of stagflation?” That's the question Andrew Semmes, Senior Research Analyst, poses in the Matrix May 2024 Multifamily Rent Forecast update.

For the first time ever, hotel to apartment conversion projects have overtaken office-to-residential conversions.