May 2023 saw U.S. year-over-year multifamily rent growth turn negative for the first time since the Global Financial Crisis of 2007-2008. The decline was -0.6%.
However, the data analytics firm Markerr's outlook for the next five years was much more positive. It predicted that the top 100 markets in the USA will see a 3.9% increase in rent through 2024, and a 5% jump the year after, followed by more normal 3% to 1.5% growth in years three to five.
In dollar terms, this means average rent will rise from $2,103 a month this May to $2,453 in year 5.
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