Yardi Matrix has increased its national rent forecast for 2024 from 0.8% to 1.8% following strong job gains and improving consumer confidence. The company still expects a mild recession to occur but its timing has been pushed back to the end of this year or the beginning of 2025.
That said, landlords are unlikely to gain any pricing power from the change as the substantial influx of supply expected to come online this year will dampen rent growth in many of the larger Sun Belt markets.
In addition, it added, "overall performance in asking rents in January was remarkably strong for a month that is generally very weak and often negative."
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