National Multifamily Report – June 2024

Advertised rents gained $4 to $1,739 in June, according to Yardi Matrix. Read the 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 $1,739 in June, for 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.

During the first half of 2024, advertised asking rents increased by 1.5 percent nationally and 1.0 percent during the second quarter. Although below the growth recorded in the five years preceding the pandemic, this performance is positive given the current environment. Rent growth remained highest in the Northeast and Midwest, led by New York City (4.8 percent year-over-year), Kansas City (3.4 percent), Columbus (3.2 percent) and New Jersey (3.1 percent). In several Sun Belt metros, negative movement is intensifying, led by Austin (-6.5 percent), Atlanta (-3.6 percent) and Raleigh (-3.3 percent).

On a month-over-month basis, advertised asking rents rose 0.2 percent, with Renter-by-Necessity (0.3 percent) slightly outperforming Lifestyle (0.2 percent). Monthly gains were highest in New York (1.1 percent), and Chicago, Kansas City and Portland (all 0.9 percent). Of Yardi Matrix’s top 30 metros, eight posted minor declines, with Austin (-0.8 percent) recording the largest drop. New York (1.2 percent), Chicago and Portland (both 1.1 percent) posted the largest Lifestyle increases. Austin marked the largest declines in both segments, 0.7 percent in Lifestyle and 1.2 percent in RBN.

Expenses per multifamily unit rose nationally by 8.0 percent year-over-year to $8,890 in 2023 and 8.2 percent in 2022, driven by property insurance (29 percent year-over-year), marketing (12.7 percent), administrative (10.8 percent) and repairs/maintenance (9.8 percent).

SFRs mark the first dip in growth in 2024

The single-family rental market continued to perform better than the multifamily sector, but advertised rents in the segment posted the first decline since late 2023. They were down $3 to $2,166, for a 1.1 percent year-over-year increase.

SFR occupancy remained flat at 95.4 percent in May, with RBN at 96.8 percent and Lifestyle at 95.0 percent. From a rent/occupancy standpoint, the best performers were Lansing, Mich. (advertised asking rents up 12.1 percent, occupancy up 3.4 percent) and Raleigh (11.6 percent; 1.6 percent).

Read the full Yardi Matrix multifamily real estate report.

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