A year-over-year comparison of all asset classes across 30 major metros, provided monthly by Yardi Matrix.
The U.S. multifamily market marked a turning point in March, with multifamily rents rising 0.6 percent year-over-year, or up $6 to $1,407, according to Yardi Matrix’s survey. On a quarter-over-quarter basis, the U.S. average rent appreciated by 0.8 percent, posting one of the strongest quarters in a few years. On a month-over-month basis, rents increased by 0.4 percent, up 20 basis points from February. Of the 134 markets surveyed, 114 had flat or positive year-over-year rent growth. Of the top 30 metros, 19 had flat or positive year-over-year rent growth, and 26 posted flat or positive month-over-month rent performance.
Lower-cost metros in the West continued on an upward trend, sustained by strong demand for housing—the Inland Empire (8.3 percent) Sacramento (7.3 percent) and Phoenix (6.9 percent) led all markets on a year-over-year basis. Limited new supply and robust migration boosted the average rent in Tampa (5.0 percent) and Atlanta (4.7 percent), where inventories expanded by 2.3 percent and 2.5 percent in the 12 months ending in March.
Rents remained on a downward trend in the metros most impacted by remote work and out-migration—New York (-13.6 percent YoY) and San Jose (-12.0 percent)—but even here there are signs of bottoming out. San Jose marked a 0.9 percent increase on a month-over-month basis, pointing to a possible turnaround.
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