Highlights of the report
- Rents for multifamily properties rose slightly in March due to firm demand. As of March, the average asking rent in the U.S. was $1,706 per month, an increase of $3. Nationally, rent growth dropped 90 basis points from February to 4.0 percent, the lowest level since April 2021 when rents began an unprecedented rise.
- Even though two banks collapsed in 2023 (none did in 2022), multifamily property fundamentals remain strong. During the first quarter of 2023, both rents and occupancy rates were unchanged, and 21 of the top 30 Matrix metros posted rent gains.
- Rents for single-family homes increased by $5 in March to $2,079, while increases year-over-year fell by 80 basis points to 2.8 percent. The occupancy rate in February decreased by 10 basis points, but remains strong at 95.5 percent.