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Minimal rent growth expected for U.S. multifamily market in 2024, according to Yardi
Research - JUNE 14, 2024

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Minimal rent growth expected for U.S. multifamily market in 2024, according to Yardi

by Released

U.S. multifamily rent growth and occupancy have deteriorated since the 2022 peak, and the 2024 Multifamily Outlook from Yardi Matrix anticipates further deceleration in the second half of this year.

According to the new report, advertised multifamily rents are up 1.1 percent year-to-date, with year-over-year increases at about 0.6 percent monthly. Analysts expect that advertised rent growth will be around 1.7 percent for the calendar year, far below the 24 percent gain recorded in 2021 and 2022.

Regional performance varies. A strong labor market and economic growth are supporting steady rent growth in the Midwest and Northeast, but an influx of new supply is putting pressure on rents in the Sun Belt, states the report.

Inbound new supply is expected to continue to have an impact on rents nationwide. Up to 553,000 of 1.2

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