According to the latest Yardi Matrix Multifamily National Report, asking rents rose 10.3% year-over-year in August. This marks the first double digit year-over-year increase in the Multifamily dataset. At the same time, overall rents have risen by $25 in August and $140 this year to date, up to a national average rent of $1,539.
Overall occupancy has also risen by 0.9% from one year ago, up to 95.6%. Every metro tracked by the Yardi Matrix showed positive year-over-year rent growth in August, except for Queens, New York at -0.5% and Midland-Odessa, Texas at -5.5%.
Rent growth recovery is widespread and no longer concentrated in Southwest and Southeast tech hubs, owing to residents returning to urban cores, job growth, and an increased savings rate. On a month-over-month basis, rents rose by 1.7% in August. Rents for single-family build-to-rent communities rose 13.9% year-over-year in August, far outpacing growth in the traditional multifamily sector. Occupancy at single-family build-to-rent communities has risen 1.1% year-over-year.
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Yardi: Asking Rents Rise a Record-Breaking 10.3% YOY in August