Rising income and decelerating expense growth continue to elevate net operating income (NOI) for fully affordable housing properties in the United States, according to Yardi Matrix data.
NOI, which increased 7.4 percent in 2024, grew an average of 5.6 percent between January and August 2025. The income growth reflects U.S. Department of Housing and Urban Development rent increase formulas that take higher inflation and wage growth into account. Expense deceleration owes to a cooling of post-pandemic inflation shock, especially in maintenance and insurance.
While the expense and income figures are welcome news, especially considering the sluggish NOI growth recorded from 2021 to 2023, Yardi Matrix analysts caution that “the industry can’t afford to celebrate.” That’s because factors such as property maintenance bills c
