flexiblefullpage -
billboard - default
interstitial1 - interstitial
catfish1 - bottom
Currently Reading

Average U.S multifamily rents drop $3 to $1,718 in October 2023: Yardi Matrix

MFPRO+ News

Average U.S multifamily rents drop $3 to $1,718 in October 2023: Yardi Matrix

Year-over-year growth moderated to 0.4%, according to a new Yardi Matrix report.


By Yardi Matrix | November 15, 2023
Courtesy Yardi Matrix
Courtesy Yardi Matrix

Multifamily fundamentals continued to soften and impact rents last month, according to the latest Yardi Matrix National Multifamily Report.

The average U.S. asking rent dropped $3 to $1,718 in October, with year-over-year growth moderating to 0.4%, down 40 basis points from September. Occupancy slid to 94.9%, marking the first decline in four months.

Rent growth turned negative in 14 of Yardi Matrix’s top 30 metros, and most of these markets, particularly in the Sun Belt, are impacted by a recent influx of supply and rapid rent increases over the past two and a half years.

Even though rents dropped for the second consecutive month, demand and absorption continue at levels consistent with pre-pandemic years. During the first three quarters of 2023, more than 250,000 units were absorbed nationally, in line with the 300,000-plus units absorbed annually between 2017 and 2020.

Average U.S multifamily rents drop $3 to $1,718 in October 2023: Yardi Matrix

“While the economy continues to produce solid results, market attention is focusing on the seeming inevitability of slowing job growth and the capital markets conundrum of higher interest rates. The longer rates stay in the 4.5 percent to 5 percent range (or higher), the more multifamily properties will face capital gaps when loans come up for refinancing,” states the report.

Asking rents declined in the Lifestyle property segment, down 0.4 percent in October, while Renter-by-Necessity rents remained flat.

Single family rental rates fell $2 in October to $2,121, up 1.0% year-over-year, down 30 basis points from September. Operators are focusing on reducing operating costs, as expenses rose 12.2% on a trailing 12-month basis through September.

Gain more insight in the new Yardi Matrix National Multifamily Report.

Average U.S multifamily rents drop $3 to $1,718 in October 2023: Yardi Matrix

Related Stories

MFPRO+ News | May 21, 2024

Massachusetts governor launches advocacy group to push for more housing

Massachusetts’ Gov. Maura Healey and Lt. Gov. Kim Driscoll have taken the unusual step of setting up a nonprofit to advocate for pro-housing efforts at the local level. One Commonwealth Inc., will work to provide political and financial support for local housing initiatives, a key pillar of the governor’s agenda.

MFPRO+ News | May 21, 2024

Baker Barrios Architects announces new leadership roles for multifamily, healthcare design

Baker Barrios Architects announced two new additions to its leadership: Chris Powers, RA, AIA, NCARB, EDAC, as Associate Principal and Director (Healthcare); and Mark Kluemper, AIA, NCARB, as Associate Principal and Technical Director (Multifamily).

MFPRO+ News | May 20, 2024

Florida condo market roiled by structural safety standards law

A Florida law enacted after the Surfside condo tower collapse is causing turmoil in the condominium market. The law, which requires buildings to meet certain structural safety standards, is forcing condo associations to assess hefty fees to make repairs on older properties. In some cases, the cost per unit runs into six figures.

Mass Timber | May 17, 2024

Charlotte's new multifamily mid-rise will feature exposed mass timber

Construction recently kicked off for Oxbow, a multifamily community in Charlotte’s The Mill District. The $97.8 million project, consisting of 389 rental units and 14,300 sf of commercial space, sits on 4.3 acres that formerly housed four commercial buildings. The street-level retail is designed for boutiques, coffee shops, and other neighborhood services.

Affordable Housing | May 14, 2024

Brooklyn's colorful new affordable housing project includes retail, public spaces

A new affordable housing development located in the fastest growing section of Brooklyn, N.Y., where over half the population lives below the poverty line, transformed a long vacant lot into a community asset. The Van Sinderen Plaza project consists of a newly constructed pair of seven-story buildings totaling 193,665 sf, including 130 affordable units.

MFPRO+ News | May 13, 2024

Special multifamily report indicates ‘two supply scenarios’

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.

MFPRO+ News | May 10, 2024

HUD strengthens flood protection rules for new and rebuilt residential buildings

The U.S. Department of Housing and Urban Development (HUD) issued more stringent flood protection requirements for new and rebuilt homes that are developed with, or financed with, federal funds. The rule strengthens standards by increasing elevations and flood-proofing requirements of new properties in areas at risk of flooding. 

Adaptive Reuse | May 9, 2024

Hotels now account for over one-third of adaptive reuse projects

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

Mass Timber | May 8, 2024

Portland's Timberview VIII mass timber multifamily development will offer more than 100 affordable units

An eight-story, 72,000-sf mass timber apartment building in Portland, Ore., topped out this winter and will soon offer over 100 affordable units. The structure is the tallest affordable housing mass timber building and the first Type IV-C affordable housing building in the city. 

MFPRO+ News | May 8, 2024

Multifamily rent growth approaches peak levels in April 2024

In its latest multifamily report, Yardi Matrix finds that the national average rent has increased for the second month in a row.

boombox1 - default
boombox2 -
native1 -

More In Category



MFPRO+ News

Florida condo market roiled by structural safety standards law

A Florida law enacted after the Surfside condo tower collapse is causing turmoil in the condominium market. The law, which requires buildings to meet certain structural safety standards, is forcing condo associations to assess hefty fees to make repairs on older properties. In some cases, the cost per unit runs into six figures.


Mass Timber

Charlotte's new multifamily mid-rise will feature exposed mass timber

Construction recently kicked off for Oxbow, a multifamily community in Charlotte’s The Mill District. The $97.8 million project, consisting of 389 rental units and 14,300 sf of commercial space, sits on 4.3 acres that formerly housed four commercial buildings. The street-level retail is designed for boutiques, coffee shops, and other neighborhood services.

halfpage1 -

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021