Advertised rents in the multifamily market increased 1.5% across the country during the first half of 2024, a moderately positive result that should be considered a win given the market environment, according to the Yardi Matrix National Multifamily Report.

Year-over-year rent growth was highest in the Northeast and Midwest, led by New York City (4.8%), Kansas City (3.4%), Columbus (3.2%) and New Jersey (3.1%). Washington, D.C., rounded out the top 5 at 3% growth. Meanwhile, negative rent growth is intensifying in several Sun Belt metros, led by Austin (-6.5%), Atlanta (-3.6%) and Raleigh (-3.3%).

The national occupancy rate was 94.5% in May, unchanged from April but down 0.5% year over year. Las Vegas was the only metro with a year-over-year increase, while occupancy rates fell in Indianapolis and Kansas City despite solid rent growth. This could signal cooling rent growth in these markets, Yardi Matrix said.

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