Multifamily, Single-Family Rents Fall Slightly in October, Yardi Matrix Finds

(Image courtesy of Yardi Matrix; Breakout image courtesy of Ricky Esquivel/pexels.com)

Yardi Matrix, Santa Barbara, Calif., reported that multifamily advertised rents fell $3 to an average of $1,748 in October.

Year-over-year growth was 0.9%, consistent with much of 2024 so far.

Gateway metros on the East Coast and secondary markets in the Midwest showed the highest rent growth, such as New York City, Detroit, Kansas City, Mo., Washington, D.C., and Columbus, Ohio.

But, some metro areas saw negative rent growth–led by Austin, Texas, Raleigh, N.C., Phoenix, Atlanta and Orlando, Fla.

Broken down by segment, asking rents fell by 0.3% in Lifestyle but were flat in Renter-by-Necessity.

Despite the October numbers, Yardi Matrix said demand is still strong enough to balance the increase in deliveries in most markets.

Through September, 329,000 apartment units have been absorbed. The U.S. occupancy rate for stabilized properties fell 10 basis points to 94.7%.

Medium-term, as deliveries begin to slow down over the next year or so, there will likely be another round of rent growth in 2026 and beyond, Yardi Matrix said.

Single-family rents fell $8 nationally, which Yardi Matrix noted was the worst performance in years. They now average $2,164, and the year-over-year growth rate fell to 0.3%.

Single-family occupancy rates fell 10 basis points in September to 95.1%.