The multifamily and single-family rental sectors both posted rent gains in March, Yardi Matrix reported. Both segments saw monthly increases averaging $5 in advertised asking rents, while on an annualized basis, advertised asking rents were up by 0.4%.
Although first-quarter rent growth was slightly weaker than usual, Yardi Matrix attributed it primarily to “ongoing weakness in high-supply markets, where rents are down year-over-year despite extremely strong demand.” Such metro areas as Austin, Denver and Nashville have seen declines.
Looking ahead, the outlook is less certain. “Economic volatility is extremely high due to the imposition of tariffs, the rising number of layoffs and dwindling consumer confidence,” according to Yardi Matrix’s Multifamily National Report for March. “And cutbacks on immigration will impact demand to some degree.” The report noted that Moody’s is forecasting U.S. population growth of less than 1.5 million this year, the lowest level in decades aside from 2020.
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