2024 Rent Growth

Yardi Matrix’s latest report on this key market indicator.

National rent growth through December 2024
National average includes 140 markets tracked by Matrix, not just the 30 metros listed above. Source: Yardi Matrix December Monthly Report

The national average advertised asking rent decreased by $4 to $1,742 in December, for a 0.6 percent year-over-year increase, according to Yardi Matrix’s latest survey of 140 markets. The national occupancy rate remained unchanged in November, at 94.7 percent. Overall, 2024 was a steady year without notable changes, with multifamily performance steered by pockets of high supply growth. Meanwhile, the performance recorded by the SFR market lagged multifamily, posting a 0.8 percent year-over-year decline in rent growth, to $2,141.

—Posted on December January 31, 2024


The average U.S. advertised asking rent fell another $5 in November to $1,744, pressured by sustained inventory growth in Sun Belt metros, according to the latest Yardi Matrix survey of 140 markets.

Year-over-year rent growth slid 10 basis points to 0.9 percent, consistent with the performance recorded throughout the year, at just under 1.0 percent. The national occupancy rate was unchanged year-over-year through October, at 94.7 percent. Progress in the SFR market was also sluggish, with rates down $7 in November to $2,150 and $25 below the peak in the summer.

—Posted on December 27, 2024


National rent growth through October 2024
National average includes 140 markets tracked by Matrix, not just the 30 metros listed above. Source: Yardi Matrix October Monthly Report

National multifamily advertised asking rents fell $3 in October to $1,748, but the 329,000 units absorbed through September signal strong demand, according to the latest Yardi Matrix survey of 140 markets.

Since January, year-over-year rent growth remained in the 0.7 percent to 0.9 percent band, up 0.9 in October. Meanwhile, occupancy slid 10 basis points to 94.7 percent. The SFR rate fell $8 in October to $2,164, for a year-over-year growth rate of 0.3 percent, likely impacted by performance in high-supply markets. Occupancy in the sector slid 10 basis points to 95.1 percent in September.

—Posted on November 27, 2024


National rent growth averages as of September 2024.
National average includes 140 markets tracked by Matrix, not just the 30 metros listed above. Source: Yardi Matrix September Monthly Report

Advertised asking rents posted a $3 decline to $1,750 in September, reflecting solid demand, according to the latest Yardi Matrix survey of 140 markets. Year-over-year, national rent growth stood at 0.9 percent, and occupancy in stabilized assets was at 94.8 percent. Similarly, SFR rates fell $3 to $2,167 in September, for a 0.6 percent year-over-year increase. Occupancy dropped 30 basis points year-over-year but remained healthy at 95.3 percent in August.

—Posted on October 28, 2024


National rent growth averages as of August 2024.
National average includes 140 markets tracked by Matrix, not just the 30 metros listed above. Source: Yardi Matrix August Monthly Report

The U.S. multifamily market prepares for potentially lower interest rates and slower growth, according to the latest Yardi Matrix survey of 140 markets. Following six consecutive months of gains, average U.S. advertised asking rents fell $1 in August, to $1,741, up 0.8 percent year-over-year. Occupancy in stabilized assets remained flat at 94.7 percent in July, despite high supply volumes. Likewise, advertised asking rents in single-family rentals fell $7 to $2,164 in August, up 0.7 percent year-over-year.

—Posted on September 26, 2024


National rent growth averages as of July 2024.
National average includes 140 markets tracked by Matrix, not just the 30 metros listed above. Source: Yardi Matrix July Monthly Report

The U.S. multifamily market entered the second half of the year on a promising note, sustained by consistent economic growth and demographics, according to the latest Yardi Matrix survey of 140 markets. The average national publicly advertised asking rent rose $4 to $1,743, for a 0.8 percent year-over-year increase. The average occupancy rate in stabilized properties in June marked the seventh consecutive month at 94.6 percent, down 0.4 percent year-over-year. According to the national multifamily report, performance was also strong in the single-family rental market, with advertised asking rents up $5 to $2,171, up one percent year-over-year in June.

—Posted on August 26, 2024


National rent growth averages as of June 2024.
National average includes 140 markets tracked by Matrix, not just the 30 metros listed above. Source: Yardi Matrix June Monthly Report

Halfway through 2024, the U.S. multifamily market remained healthy, according to the latest Yardi Matrix survey of 140 markets. The national average advertised asking rent gained $4 to reach $1,739 in June, marking a 0.6 percent year-over-year increase. Occupancy stood at 94.5 percent in May, unchanged from April and down 50 basis points year-over-year. Single-family rentals continued to outperform multifamily, but advertised asking rents marked the first decline this year, decreasing $3 to $2,166, for a 1.1 percent year-over-year increase in June.

—Posted on July 26, 2024


Rent growth as of May 2024
National average includes 140 markets tracked by Matrix, not just the 30 metros listed above. Source: Yardi Matrix May Monthly Report

The U.S. multifamily market reported moderate gains in the middle of the second quarter, with the average asking rent up for the fourth consecutive month, according to the latest Yardi Matrix survey of 140 markets. Rents rose $6 to $1,733, marking a 0.6 percent increase year-over-year in May, up 1.0 percent year-to-date, which is half the average growth rate registered in the five years before the pandemic.

National occupancy remained at 94.5 percent in April. Meanwhile, the single-family rental market continued to outperform multifamily, with rents up 1.4 percent year-over-year, or $6 to $2,166 in May.

—Posted on June 26, 2024


National average includes 140 markets tracked by Matrix, not just the 30 metros listed above. Source: Yardi Matrix May Monthly Report
National average includes 140 markets tracked by Matrix, not just the 30 metros listed above. Source: Yardi Matrix April Monthly Report

At the start of the second quarter, the U.S. multifamily market showed good progress, with the average asking rent trending up for the second consecutive month, according to the latest Yardi Matrix survey of 140 markets.

The rate rose 0.7 percent year-over-year in April, a $6 gain to $1,725, up $12 year-to-date and just $2 off the all-time high set last summer. National occupancy remained at 94.5 percent in March, a rate held since the beginning of the year. Meanwhile, the single-family rental segment also posted its second consecutive strong month this year, with rents up 1.3 percent year-over-year, or $9 to $2,154 in April.

—Posted on May 31, 2024


National average includes 140 markets tracked by Matrix, not just the 30 metros listed above. Source: Yardi Matrix March Monthly Report
National average includes 140 markets tracked by Matrix, not just the 30 metros listed above. Source: Yardi Matrix March Monthly Report

The U.S. multifamily market posted encouraging performance in March, with the national average asking rent recording the largest gain in 20 months, according to the latest Yardi Matrix survey of 140 markets.

The rate rose 0.9 percent on a year-over-year basis, or $8 to $1,721, and a 30-basis-point improvement from February. The occupancy rate clocked in at 94.5 percent. Meanwhile, single-family rentals posted an average rent growth of 1.2 percent year-over-year, equal to a $9 gain to $2,144 in March.

—Posted on April 30, 2024


National average includes 140 markets tracked by Matrix, not just the 30 metros listed above. Source: Yardi Matrix February Monthly Report
National average includes 140 markets tracked by Matrix, not just the 30 metros listed above. Source: Yardi Matrix February Monthly Report

The U.S. multifamily market showed signs of stability, with rents inching up for the first time in seven months, Yardi Matrix’s latest survey shows.

The average asking rent rose $1 to $1,713 in February, for a 0.6 percent year-over-year growth, while the occupancy rate decreased by 60 basis points year-over-year to 94.5 percent as of January. Meanwhile, single-family rents fell $2 in February to $2,133, for a 1.2 percent year-over-year growth.

—Posted on March 29, 2024


National average includes 140 markets tracked by Matrix, not just the 30 metros listed above. Source: Yardi Matrix January Monthly Report
National average includes 140 markets tracked by Matrix, not just the 30 metros listed above. Source: Yardi Matrix January Monthly Report

The U.S. multifamily market was stable at the start of 2024, with demand fueled by a strong economy and job growth, and immigration inflows in large urban markets, according to Yardi Matrix’s latest survey of 140 markets.

The average U.S. asking rent remained unchanged at $1,710 in January, up 0.5 percent year-over-year increase. Single-family rentals outperformed multifamily, with the average rent up $2 in January to $2,130, for a 1.5 percent year-over-year increase.

—Posted on February 29, 2024