Multifamily asking rents defied expectations by ticking up another $10 in February to hit a national average of $1,628, according to the latest numbers from Yardi Matrix. Year-over-year growth also increased 15.4 percent.
Single-family rentals also continue to surpass past performance. SFR rents increased 14.9 percent year-over-year through February.
Rent growth is likely to start decelerating soon relative to the big increases that began in March 2021, but demand shows little sign of slowing. Nationally, occupancy rates are up 120 basis points year-over-year. Occupancy upticks are particularly strong in Texas and Florida metros, but also in gateway markets that lost residents during the pandemic. New York, San Jose and Chicago are among the cities seeing renters return.
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