Uncertainty about the future of the U.S. economy still clouds prospects for the multifamily sector, according to a Yardi Matrix special report. The company still predicts a downturn, but thinks the Fed is "probably" likely to reduce interest rates by the end of the year.

In line with other recent analyses of the state of multifamily, Yardi noted that markets that saw a big leap in supply during the pandemic period are generally seeing stagnant or falling rents.

Nine out of the 20 markets where rents fell in 2024 are in Florida and Texas, while average asking rents in other high-growth markets like Atlanta, Raleigh-Durham, Austin and Salt Lake City have also slipped since the beginning of the year.

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