Rent growth has continued to slowly decline, but demand remains strong and vacancy rates have stayed low, Yardi Matrix says in their November national report. The report expects conditions to continue to be favorable, especially for multifamily.

“Coming out of the worst of the pandemic, the multifamily market experienced eight straight months of exceptionally high rent growth, with the average U.S. multifamily asking rent rising about $180 between March and October.

“A slowdown is inevitable, and it started in November, when the average asking rent rose ‘only’ $4. Even so, the market remains healthy,” Yardi Matrix writes in the report.

Highlights of the November report:

• Multifamily rents rose again in November, but only slightly, as the anticipated deceleration in rent growth finally appears to be taking hold. The average U.S. asking rent increased by $4 in November to a record-high $1,590.
• Nationally, asking rents were up 13.5 percent year-over-year in November, a slight increase over October.
• Demand continues to be extremely high, with the average U.S. occupancy rate of stabilized properties maintained at 96.1 percent in October, up 1.4 percent year-over-year.