Matrix Multifamily National Report-December 2023
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At the close of 2023, the national picture for multifamily rents was more of the same, with asking rents sinking for five months in a row despite strong demand and rent growth falling to 0.3 percent. In December, the national average asking rent sunk $4 to $1,709. In markets like Phoenix, “rent growth has temporarily turned negative due to the rapid increase in deliveries.” Why? More apartments on the market means more competition, and Phoenix has been a leader lately in providing new housing.
Source: https://www.yardimatrix.com/publications/download/file/4927-MatrixMultifamilyNationalReport-December2023
