Asking rents are up 6.6% year-to-date, Yardi reports in the Matrix Multifamily National Report-August 2022, released yesterday.
However, for the first time since June 2020, the national average multifamily rent declined, decreasing $1 to $1,718 in August. Year-over-year growth decelerated to 10.9%.
The report attributes moderating rent growth to typical seasonality, slowing migration, and the cooling economy.
"The deceleration in August was strongest in many of the markets that have had the most growth over the past two years, a sign that affordability is becoming an issue."
Year-to-date rent growth is still higher than any previous year with the exception of 2021, and the national occupancy rate was 96.0% for the fifth month in a row in July.
Portland Employment and Supply Trends; Forecasted Rent Growth
- Portland Year-Over-Year Rent Growth as of August 2022: 9.9%
- Portland Forecasted Rent Growth as of August 31, 2022 for Year-End 2022: 9.2%
- Portland Year-Over-Year Job Growth (six-month moving average.) as of June 2022: 5.4%
- Portland Completions as % of Total Stock as of August 2022: 3.0%
Read the full report at YardiMatrix.com.
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