National year-over-year multifamily rent growth at 10 percent, down from 10.6 percent in April

Sunbelt markets continue to dominate the top 10 rent growth markets for the month of May. Notably, Florida holds the top five spots — Palm Beach, Orlando, Fort Lauderdale, Miami and Tampa — reflecting the continued strong demand and tight market conditions across the state, according to Apartments.com, a CoStar Group company, in its in-depth look at national multifamily rent growth trends for May 2022 backed by analyst observations.

“As we look back on the month of May, yearly rents at the market level remain well above historical averages, despite our data showing rents moderating from the record highs posted last year,” said Jay Lybik, national director of multifamily analytics, CoStar Group. “Furthermore, the acceleration seen in the monthly data for most markets points to a solid spring leasing season in progre