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Essex Property Trust and UDR led the closing of a fund focuised on ESG in multifamily

U.S. Multifamily Rents Set Record for Year-Over-Year Growth

Multifamily asking rents increased nationally by 10.3% in August on a year-over-year basis, marking the first double-digit increase in the history of Yardi Matrix’s data set. Overall occupancy was strong, as well, increasing by 0.9% from a year ago to 95.6%. 

All metros that Yardi Matrix tracks had positive year-over-year rent growth in August, except for Queens (-0.5%) and Midland-Odessa (-5.5%). The rebound is no longer concentrated in tech hub metros in the Southwest and Southeast, although some Y-O-Y numbers may seem inflated because they’re comparing current rents to last summer, when many metros were struggling.  

Yardi Matrix says the recovery in rents is widespread, fueled by a return to urban cores, job growth and an increased savings rate. Many people who lived at home during the pandemic or were living with roommates are now able to afford their own apartments, creating a surge in demand, the company says. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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