According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents rents in February increased $3 to $1,399. Yardi says this is the ninth consecutive month where overall rents have either increased or remained flat, pointing to signs of recovery. However, on a year-over-year basis, rents rents declined by 0.1%.
“Many markets experienced strong year-over-year rent growth in February, while others have begun to recover following rent declines in the summer and fall. However, urban cores continue to see rent declines. A major factor in their ability to bounce back is the percentage of the workforce that remains remote once the pandemic subsides.”