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According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,750 (down $3) in September, 2024. Year-over-year growth was 0.9%. Yardi says the recent spate of good news about interest rates and economic growth has buoyed the spirits of the commercial real estate industry.
“The strong economy has been a major driver of multifamily demand. More than 300,000 apartment units were absorbed nationally through the first three quarters of 2024, and more than 1.7 million units since the pandemic lockdowns in Q1 2020. Absorption has been particularly strong in the Sun Belt and Mountain West, driven by in-migration and job growth.”
Click here to read the full report at Yardi.
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