It has been the best and worst of times. Maybe, that summation is a bit dramatic. but it succinctly describes how different regions and cities have fared in recent post-pandemic years, according to Yardi Matrix's recently released National Multifamily Report for June 2023.  

Starting with the negative, Florida markets have seen "unbelievable growth," during the pandemic but are now facing significant affordability challenges. Five of the 10 worst performing markets were in Florida in the Southwest Coast, Miami, Orlando, Jacksonville and West Palm Beach. California markets did not fare much better and have continued to try to find stable ground since the pandemic's end. Several of its markets have seen month-over-month declines such as Metro Los Angeles, Sacramento, Eastern Los Angeles County, the Bay Area-East Bay, Orange County and the Inland Empire. The report also pushed forecasts lower for many larger markets in the West and Southwest.

Meanwhile, there is solid growth in multiple Midwestern and Northeastern markets Portland, Maine, and Scranton-Wilkes-Barre, Penn., both grew more than a full percentage point month over month. White Plains, N.Y. (a suburb North of the city), Detroit, Urban and Suburban Chicago, Manhattan, Milwaukee, Rochester, Central New Jersey and Syracuse all had asking rents grow more than 90 basis points (bps) from the previous month.