Tuesday, February 14, 2023

February News Roundup: Rents Flat in January, Developers Optimistic

Yardi: Multifamily Housing Rents Flat in January, Developers Remain Optimistic

The U.S. average asking rent was $1,701 in January 2023, unchanged from December.

  • The creation of 517,000 new jobs in January is a significant bright spot and help ease fears of an imminent economic downturn
  • Last year, U.S. multifamily rents increased by 6.4% after peaking near 16% in 2021 — the highest seen in a century.
  • The 2023 Yardi Matrix Multifamily Outlook predicts rent growth will be closer to its historical average in the year ahead.

Multifamily Investment, Leasing, Rent Growth All Slow in U.S.
  • U.S. multifamily investment volume in 2022 decreased by 19% year-over-year to $278.8 billion but was the second-largest annual total on record.
  • Volume in Q4 2022 fell by 34% quarter-over-quarter and 70% year-over-year to $48 billion.
  • Q4 2022 New construction deliveries of 100,300 units brought the total for 2022 to 341,200--the highest annual amount since the 1980s.

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