2023 Rent Growth - Multi-Housing News

Jan 31, 2024 · 2023 Rent Growth. By the Editors of Multi-Housing News. ... Year-over-year rent growth stood at 0.3 percent in December, the weakest rent performance since 2010, excluding …

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Apartments.com Releases Multifamily Rent Report For The Fourth …

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Jan 6, 2025 · National year-over-year asking rent growth eased to 1.0% in December 2024 compared to 1.1% at the end of September 2024. Since mid-2023, year-over-year rent growth …

yahoo.com

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Healthy Demand For U.S. Multifamily Apartments As Rental Growth …

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The average monthly net effective rent grew 0.7% year-over-year in Q3 2023, lower than the pre-pandemic five-year average of 2.7% and well below the peak of 15.2% in Q1 2022. New …

cbre.com

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Rent Growth Expected To Cool Even More In 2023 - Multifamily Dive

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Dec 12, 2022 · Multifamily Construction News. Dive Brief: Yardi Matrix has updated its annual rent forecast, revising its 2023 rent growth outlook down from 3.7%, originally reported in a Nov. 16 …

multifamilydive.com

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Top U.S. Multifamily Rent Growth Markets — Q1 2023

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May 4, 2023 · The U.S. multifamily market continued to show signs of slowing during the first quarter of 2023. Average effective rents were up 5.9% year-over-year, down from the …

arbor.com

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How Rising Apartment Returns Impact New Housing Supply

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Sep 26, 2024 · These elevated starts led to a 22.1% rise in multifamily completions in 2023, totaling 438.3 KSF units—the highest level since 1987. The increased supply contributed to …

credaily.com

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New Jersey Housing Market Forecast | The U.S. News Housing …

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May 12, 2023 · Using information from the U.S. News Housing Market Index, ... marking a year-over-year decrease of about 41%. During the three-month period ending in March 2023, 37% …

usnews.com

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Setting Expectations For 2025 Multifamily Performance

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1 day ago · Rent Growth on the Mend. After an anemic 1.1% gain in 2023, the average effective rent for new leases rose by 2.7% in 2024. The year-over-year improvement put an end to a …

alndata.com

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NJ Rents Among Most Expensive In Nation, And It's Getting Worse

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Jul 28, 2022 · Two other Hudson County cities made the “Top 100” list examining multifamily rental data of available units, including staggeringly high rents in Hoboken at $4,264 and …

northjersey.com

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More Americans Opting For Renting Over Homeownership In 2024

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Dec 27, 2024 · CBRE projects annual multifamily rent growth of 3.1% over the next five years, exceeding the pre-pandemic average of 2.7%. Although this above-trend rent growth will …

worldpropertyjournal.com

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Hall Structured Finance Provides $52.5M Construction Loan For …

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Mar 9, 2023 · Northeast Multifamily & Affordable Housing Business; ... March 9, 2023. 773. NORTH BERGEN, N.J. — Hall Structured Finance, a Dallas-based lender, has provided a …

rebusinessonline.com

FAQs about 2023 Rent Growth - Multi-Housing News Coupon?

How will the multifamily sector perform in 2023?

The U.S. multifamily sector is expected to perform above average in 2023 despite economic headwinds and ongoing capital markets disruptions. Strong housing fundamentals should keep occupancy rates above 95% and drive 4% rent growth, although less than the sub-3% vacancy rates and double-digit rent growth of the past two years. ...

Why is multifamily rental demand rising in Q3 2022?

The challenging for-sale market is propping up demand for multifamily rentals, as home prices and mortgage rates have skyrocketed. CBRE calculates that the average house payment for a newly purchased home in Q3 2022 was 57% more expensive than the average monthly apartment rent, the widest cost gap on record. ...

Will landlords play catch-up in 2023?

For example, some landlords will play catch-up as they raise rents to match market values, which could support stronger average rent growth in 2023. On the other hand, landlords exercising their right to evict tenants will at least temporarily increase vacancy. ...

Will higher mortgage rates affect multifamily investment in 2023?

Higher commercial mortgage rates are sending some buyers to the sidelines. However, private buyers’ relatively greater tolerance for volatility is buoying investment activity. As rates stabilize, the return of many institutional investors will provide a further tailwind to the multifamily investment market in 2023. ...

What was the average rent price in New Jersey in March 2023?

On a national level, the median rent price in March 2023 was $1,996, up 4.7% year over year. Data firm Black Knight shows that 1.3% of homes with mortgages in New Jersey experienced foreclosure activity in February 2023, up 0.3% from a year prior. Delinquency rates declined 0.3% on a year-over-year basis to 3.2%. ...

Will cap rates increase in 2023?

As the market stabilizes in 2023, more investors and lenders will deploy capital in one of the best asset classes for hedging inflation concerns. Pricing is still adjusting to higher interest rates. Cap rates have increased by at least 75 to 100 bps this year and CBRE expects additional cap rate expansion in 2023. ...