This November report echoes earlier reports: Asking rents are sluggish, falling $6 nationally in November to an average of $1,713, and year-over-year growth was just 0.4 percent. Metros with a lot of deliveries (like Phoenix) are seeing negative rent growth and fewer renewals. But prices are up 23.5 percent since the start of the pandemic and occupancy and demand continues to be high. As the report states, “Even if rent growth remains muted, multifamily performance should stay strong because demand for housing exceeds supply.”
Source: https://www.yardimatrix.com/publications/download/file/4781-MatrixMultifamilyNationalReport-November2023?utm_source=WhatCountsEmail&utm_medium=Yardi%20Matrix%20Rental%20Market%20-%20Multifamily%20Outlook&utm_campaign=120623_Matrix_MF_National_Nov_Email_22011
