The U.S. multifamily market posted a weak performance at the end of 2024, with advertised asking rents down $4 to $1,742 in December, according to the latest Yardi® Matrix Multifamily Report.
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Year-over-year growth fell to 0.6 percent, marking the 16th consecutive month of increases below the one percent mark. Performance continued to vary by market and region.
The U.S. occupancy rate remained unchanged year-over-year through November, at 94.7 percent. Notable occupancy performance was recorded in Austin (down 0.2 percent, while completions amounted to 7.5 percent of total stock) and Raleigh (unchanged year-over-year, while deliveries totaled 6.2 percent of existing stock).
The single-family rental market trailed multifamily in 2024, also with regional variation in performance. Nationally, advertised asking rents fell $7 in December to $2,141, posting a 0.8 percent year-over-year drop, while occupancy remained unchanged in November at 95 percent. The SFR market surpassed multifamily in high-growth secondary metros including Greenville, S.C., Salt Lake City, Denver and Nashville.
Gain more insight in the new Yardi Matrix National Multifamily Report.
