Average asking rents fall again, Yardi Matrix reports

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.

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).