Multifamily rent growth remains positive

Multifamily rents continued to increase through the first half of 2023, despite challenges for the sector and continuing economic uncertainty, according to Yardi® Matrix experts in a newly released U.S. Multifamily Outlook.

But job growth has remained robust and new households keep forming, creating apartment demand and ongoing rent growth.

The experts anticipate that rents will continue to increase modestly over the course of the year as demand has firmed, albeit at a more moderate rate in line with historic growth levels.

Through the first five months of 2023, U.S. asking rents rose $17, or 0.9 percent, with year-over-year growth falling to 2.6 percent. There will be a continued deceleration, with rent growth of 2.5 percent for the full year. The average U.S. apartment rent reached an all-time high of $1,716 in May.

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