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.
“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.
Related Stories
Multifamily Housing | May 1, 2023
Survey of apartment residents shows support for property-provided smart home devices for security, energy savings
Multifamily housing residents receive broadband services faster if they are provided by the property management rather than acquiring such service on their own.
Multifamily Housing | May 1, 2023
A prefab multifamily housing project will deliver 200 new apartments near downtown Denver
In Denver, Mortenson, a Colorado-based builder, developer, and engineering services provider, along with joint venture partner Pinnacle Partners, has broken ground on Revival on Platte, a multifamily housing project. The 234,156-sf development will feature 200 studio, one-bedroom, and two-bedroom apartments on eight floors, with two levels of parking.
Codes and Standards | May 1, 2023
Hurricane Ian aftermath expected to prompt building code reform in Florida
Hurricane Ian struck the Southwest Florida coastline last fall with winds exceeding 150 mph, flooding cities, and devastating structures across the state. A construction risk management expert believes the projected economic damage, as high as $75 billion, will prompt the state to beef up building codes and reform land use rules.
| Apr 28, 2023
$1 billion mixed-use multifamily development will add 1,200 units to South Florida market
A giant $1 billion residential project, The District in Davie, will bring 1.6 million sf of new Class A residential apartments to the hot South Florida market. Located near Ft. Lauderdale and greater Miami, the development will include 36,000 sf of restaurants and retail space. The development will also provide 1.1 million sf of access controlled onsite parking with 2,650 parking spaces.
Mixed-Use | Apr 27, 2023
New Jersey turns a brownfield site into Steel Tech, a 3.3-acre mixed-use development
In Jersey City, N.J., a 3.3-acre redevelopment project called Steel Tech will turn a brownfield site into a mixed-use residential high-rise building, a community center, two public plazas, and a business incubator facility. Steel Tech received site plan approval in recent weeks.
Multifamily Housing | Apr 27, 2023
Watch: Specifying materials in multifamily housing projects
A trio of multifamily housing experts discusses trends in materials in their latest developments. Topics include the need to balance aesthetics and durability, the advantages of textured materials, and the benefits of biophilia.
Concrete Technology | Apr 24, 2023
A housing complex outside Paris is touted as the world’s first fully recycled concrete building
Outside Paris, Holcim, a Swiss-based provider of innovative and sustainable building solutions, and Seqens, a social housing provider in France, are partnering to build Recygénie—a 220-unit housing complex, including 70 social housing units. Holcim is calling the project the world’s first fully recycled concrete building.
Multifamily Housing | Apr 21, 2023
Arlington County, Va., eliminates single-family-only zoning
Arlington County, a Washington, D.C., community that took shape in the 1950s, when single-family homes were the rule in suburbia, recently became one of the first locations on the East Coast to eliminate single-family-only zoning.
Green | Apr 21, 2023
Top 10 green building projects for 2023
The Harvard University Science and Engineering Complex in Boston and the Westwood Hills Nature Center in St. Louis are among the AIA COTE Top Ten Awards honorees for 2023.
Multifamily Housing | Apr 20, 2023
A solution for sharing solar energy with multifamily tenants
Allume Energy’s SolShare sees lower-income renters as its primary beneficiaries.
