flexiblefullpage -
billboard - default
interstitial1 - interstitial
Currently Reading

Multifamily housing rent rates remain flat in February 2023

Multifamily Housing

Multifamily housing rent rates remain flat in February 2023

Apartment asking rents averaged $1,702 in February 2023, according to a new report from Yardi Matrix.


By Yardi Matrix | March 14, 2023
Multifamily housing rent rates remain flat in February 2023
Image: Pixabay

Multifamily housing asking rents remained the same for a second straight month in February 2023, at a national average rate of $1,702, according to the new National Multifamily Report from Yardi Matrix.

As the economy continues to adjust in the post-pandemic period, year-over-year growth continued its ongoing decline. It is now 4.8 percent nationally, down 70 basis points from the previous month and its lowest level in nearly two years.

Asking rent growth remains positive year-over-year in almost every major metro, but 23 of Matrix’s top 30 metros recorded negative growth over the last three months and 17 were negative in February.

The average apartment renter paid $1,702 a month in February 2023, according to Yardi Matrix

“Multifamily rents are playing a waiting game, as rents have essentially leveled over the seasonal winter slowdown,” state Matrix analysts, noting that February has historically recorded minor rent growth gains. “The big question is whether demand and rents pick up as normal in the spring. Demand has come down from 2021 levels, though it remains positive in most markets.”

Average U.S. asking rents in the single-family rental market were also flat at $2,071. The year-over-year increase fell by 80 basis points to 3.4 percent, far below the 14.8 percent growth rate a year ago.

“Near-term performance will hinge not only on demand-supply dynamics at the local level but affordability and the economy,” the report states.

Download the February 2023 National Multifamily Report.

The average apartment renter paid $1,702 a month in February 2023, according to Yardi Matrix

Related Stories

Multifamily Housing | Mar 24, 2023

Washington state House passes bill banning single-family zoning

The Washington state House of Representatives recently passed a bill that would legalize duplexes or fourplexes in almost every neighborhood of every city in the state.

Multifamily Housing | Mar 24, 2023

Momentum building for green retrofits in New York City co-ops, condos

Many New York City co-op and condo boards had been resistant to the idea of approving green retrofits and energy-efficiency upgrades, but that reluctance might be in retreat.

Legislation | Mar 24, 2023

New York lawmakers set sights on unsafe lithium-ion batteries used in electric bikes and scooters

Lawmakers in New York City and statewide have moved to quell the growing number of fires caused by lithium-ion batteries used in electric bikes and scooters.

Multifamily Housing | Mar 24, 2023

Multifamily developers offering new car-free projects in car-centric cities

Cities in the South and Southwest have eased zoning rules with parking space mandates in recent years to allow developers to build new housing with less parking.

Multifamily Housing | Mar 24, 2023

Coastal multifamily developers, owners expect huge jump in insurance costs

In Texas and Florida, where Hurricane Ian caused $50 billion in damage last year, insurance costs are nearly 50% higher than in 2022.

Multifamily Housing | Mar 24, 2023

Average size of new apartments dropped sharply in 2022

The average size of new apartments in 2022 dropped sharply in 2022, as tracked by RentCafe. Across the U.S., the average new apartment size was 887 sf, down 30 sf from 2021, which was the largest year-over-year decrease.

Geothermal Technology | Mar 22, 2023

Lendlease secures grants for New York’s largest geothermal residential building

Lendlease and joint venture partner Aware Super, one of Australia’s largest superannuation funds, have acquired $4 million in support from the New York State Energy Research and Development Authority to build a geoexchange system at 1 Java Street in Brooklyn. Once completed, the all-electric property will be the largest residential project in New York State to use a geothermal heat exchange system.

Urban Planning | Mar 16, 2023

Three interconnected solutions for 'saving' urban centers

Gensler Co-CEO Andy Cohen explores how the global pandemic affected city life, and gives three solutions for revitalizing these urban centers.

Building Tech | Mar 14, 2023

Reaping the benefits of offsite construction, with ICC's Ryan Colker    

Ryan Colker, VP of Innovation at the International Code Council, discusses how municipal regulations and inspections are keeping up with the expansion of off-site manufacturing for commercial construction. Colker speaks with BD+C's John Caulfield.

Student Housing | Mar 13, 2023

University of Oklahoma, Missouri S&T add storm-safe spaces in student housing buildings for tornado protection

More universities are incorporating reinforced rooms in student housing designs to provide an extra layer of protection for students. Storm shelters have been included in recent KWK Architects-designed university projects in the Great Plains where there is a high incidence of tornadoes. Projects include Headington and Dunham Residential Colleges at the University of Oklahoma and the University Commons residential complex at Missouri S&T.

boombox1 - default
boombox2 -
native1 -

More In Category




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

 



Magazine Subscription
Subscribe

Get our Newsletters

Each day, our editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Subscribe

Follow BD+C: