2023 Rent Growth
Multifamily rents remained flat in the middle of the typically slow wintertime, at $1,701 in January.
National average includes 140 markets tracked by Matrix, not just the 30 metros listed above. Source: Yardi Matrix January 2023 Monthly Report
The new year started with encouraging signs for the national multifamily market according to Yardi Matrix’s latest survey of 140 markets. Multifamily rents remained flat in the middle of the typically slow wintertime, at $1,701 in January. Still, year-over-year growth continued to decline, at 5.5 percent, a 70-basis-point decrease from the previous month, which is not surprising, as the growth of the last two years would be impossible to sustain. Occupancy remained above the 95 percent mark. The single-family rental market held up well, too, posting a 4.2 percent year-over-year increase in rents, to $2,070, up $1 from the previous month.
The job market—which posted 517,000 new jobs in January, following nearly 5 million new jobs in 2022—points to healthy demand so far, alleviating some of the concerns for the multifamily industry. In addition, the unemployment rate stood at 3.4 percent and wage growth remained steady.
—Posted on Feb. 28, 2023
