Multifamily asking rents grew another $7 last month, on average, but year-over-year growth fell to 1.8 percent, according to the latest Yardi Matrix National Multifamily Report. That’s down 70 basis points from May.
Rents are buoyed by ongoing strong demand for units. Though down from the 2021 highs, occupancy rates are steady at 95 percent. The average asking rent was $1,726 in June.
Rents are growing within a normal seasonal pattern, albeit well below the post-pandemic boom and even below pre-pandemic trends, said the report. Ren