Yardi Matrix Analysis Shows Signs of Rent Decline

According to the 2024 Multifamily Outlook by Yardi Matrix, U.S. multifamily rent growth and occupancy have been declining since their peak in 2022, and this trend is expected to continue into the second half of 2024. The Midwest and Northeast markets are experiencing steady rent growth due to strong labor markets and economic expansion, while the Sun Belt markets are facing rent pressure because of an increase in new housing supply. The impact of this new supply is expected to continue shaping rental dynamics across the country. It is estimated that about 553,000 units out of 1.2 million currently under construction will be completed nationwide by the end of 2024, further influencing the multifamily rental market.

 

Source: https://azbigmedia.com/real-estate/minimal-rent-growth-expected-in-2024-analysis-shows/

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