Uncertainty about the future of the U.S. economy still clouds prospects for the multifamily sector, according to a Yardi Matrix special report. The company still predicts a downturn, but thinks the Fed is "probably" likely to reduce interest rates by the end of the year.
In line with other recent analyses of the state of multifamily, Yardi noted that markets that saw a big leap in supply during the pandemic period are generally seeing stagnant or falling rents.
Nine out of the 20 markets where rents fell in 2024 are in Florida and Texas, while average asking rents in other high-growth markets like Atlanta, Raleigh-Durham, Austin and Salt Lake City have also slipped since the beginning of the year.
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.
