February News Roundup: Rents Flat in January, Developers Optimistic
Yardi: Multifamily Housing Rents Flat in January, Developers Remain Optimistic
The U.S. average asking rent was $1,701 in January 2023, unchanged from December.
- The creation of 517,000 new jobs in January is a significant bright spot and help ease fears of an imminent economic downturn
- Last year, U.S. multifamily rents increased by 6.4% after peaking near 16% in 2021 — the highest seen in a century.
- The 2023 Yardi Matrix Multifamily Outlook predicts rent growth will be closer to its historical average in the year ahead.
Read more at Multifamily housing rents flat in January, developers remain optimistic (bdcnetwork.com)
Multifamily Investment, Leasing, Rent Growth All Slow in U.S.
- U.S. multifamily investment volume in 2022 decreased by 19% year-over-year to $278.8 billion but was the second-largest annual total on record.
- Volume in Q4 2022 fell by 34% quarter-over-quarter and 70% year-over-year to $48 billion.
- Q4 2022 New construction deliveries of 100,300 units brought the total for 2022 to 341,200–the highest annual amount since the 1980s.
HFO Investment Real Estate specializes in multifamily brokerage sales and advisory services for commercial real estate investors and apartment owners throughout Oregon and Washington. Build your legacy at http://www.hfore.com