Advertised rents in the multifamily market increased 1.5% across the country during the first half of 2024, a moderately positive result that should be considered a win given the market environment, according to the Yardi Matrix National Multifamily Report.
Year-over-year rent growth was highest in the Northeast and Midwest, led by New York City (4.8%), Kansas City (3.4%), Columbus (3.2%) and New Jersey (3.1%).Washington, D.C., rounded out the top 5 at 3% growth. Meanwhile, negative rent growth is intensifying in several Sun Belt metros, led by Austin (-6.5%), Atlanta(-3.6%) and Raleigh (-3.3%). continue