The 2021 U.S. average rent growth rate of 13.5% is expected to moderate in 2022 as pent-up demand from sheltering-in-place in 2021 dissipates. Meanwhile, rent gains are expected to remain above trend, with asking rents increasing nationally by around 4.5% for the year.
Yardi Matrix is forecasting Portland metro will end 2022 with an increase of 5.2% in average rents, with Seattle at 5.1%.
New unit absorption was high last year as well, and with 10 million jobs still unfilled, some households will expand as workers gain on wages and migration fuels hotspots in the South and West.
Seattle will add 10,500 units in 2022, approximately 3.9% of current inventory. However, that number has been offset since 2018, with thousands of single-family rentals being pulled from the market due to increasing regulations.
Investments in multifamily assets rose to a record high in 2021, with multifamily scoring more than 41% of all funds invested in commercial real estate, including office, industrial, and retail sectors.
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