Yardi Matrix has increased its national rent forecast for 2024 from 0.8% to 1.8% following strong job gains and improving consumer confidence. The company still expects a mild recession to occur but its timing has been pushed back to the end of this year or the beginning of 2025.
That said, landlords are unlikely to gain any pricing power from the change as the substantial influx of supply expected to come online this year will dampen rent growth in many of the larger Sun Belt markets.
In addition, it added, "overall performance in asking rents in January was remarkably strong for a month that is generally very weak and often negative."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
