National Year-Over-Year Multifamily Rent Growth
at 10.6%, Down from 11.4% in March
Today, Apartments.com – a leading national online marketplace
owned by CoStar Group – released an in-depth look at national
multifamily rent growth trends for April 2022 backed by analyst
observations.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220506005298/en/
(Graphic: Business Wire)
“Overall, April saw a slight deceleration of rent growth both
nationally and at the market level,” said Jay Lybik, National
Director of Multifamily Analytics, CoStar Group. “However, in our
minds, the bigger takeaway from this report is the number of
formerly high-flying rental markets experiencing notable
decelerations in rent growth as the month closed.”
SUNBELT MARKETS HOLD STRONG
Sunbelt markets continue to dominate the top rent growth
markets, with the top 10 markets in terms of year over year rent
growth located in the Sunbelt. This includes five markets in
Florida, two in North Carolina along with Las Vegas, Nashville and
Austin.
STAGGERING RENT GROWTH SLOWS
The number of markets witnessing rent growth above 20% has
declined from eight at the end of 2021 to just four in April,
indicating a tempering of rent growth.
This tempering can be felt across the board. Despite the
thriving performance from sunbelt markets, Phoenix, in particular,
has experienced a dramatic slowing in rent growth. The report finds
that year-over-year asking rents fell from 22% in the fourth
quarter of 2021 to 15.6% at the end of April 2022.
In 2021, Atlanta and Orange County, California, experienced
significant growth, often landing among the top 10 growing markets.
In April, both experienced a significant slowing, with Atlanta’s
rent growth dropping 370 basis points and Orange County down 210
basis points in the new year. San Francisco experienced a drop of
2%, down to 6.5% in April 2022 from 8.5% at the close of 2021.
MONTH-OVER-MONTH GROWTH TELLS A SLIGHTLY DIFFERENT
STORY
While year-over-year findings show a slowing of rent growth on a
national level, month-over-month findings show the national average
rent growing by 0.8%.
At the month-over-month level, the top 10 performing markets are
dispersed across the country, a stark contrast compared to the
sunbelt market concentration seen in the year over year rent growth
metrics.
Lybik continued: “While the sunbelt markets are still
well-represented among the top 10 – with Charlotte, N.C., notably
leading the monthly numbers – we are seeing a handful of other
regions holding strong on a monthly level. Midwest markets like
Columbus, Ohio, and Indianapolis, and gateway cities like Boston
and Seattle are also experiencing strong upticks in rents over the
past 30 days. Heading into the spring leasing season, we will be
watching these markets closely to see how they perform.”
About CoStar Group, Inc.
CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of
online real estate marketplaces, information and analytics. Founded
in 1987, CoStar conducts expansive, ongoing research to produce and
maintain the largest and most comprehensive database of commercial
real estate information. Our suite of online services enables
clients to analyze, interpret and gain unmatched insight on
commercial property values, market conditions and current
availabilities. STR provides premium data benchmarking, analytics
and marketplace insights for the global hospitality industry. Ten-X
provides a leading platform for conducting commercial real estate
online auctions and negotiated bids. LoopNet is the most heavily
trafficked commercial real estate marketplace online.
Apartments.com, ApartmentFinder.com, ForRent.com,
ApartmentHomeLiving.com, Westside Rentals, AFTER55.com,
CorporateHousing.com, ForRentUniversity.com and Apartamentos.com
form the premier online apartment resource for renters seeking
great apartment homes and provide property managers and owners a
proven platform for marketing their properties. Homesnap is an
industry-leading online and mobile software platform that provides
user-friendly applications to optimize residential real estate
agent workflow and reinforce the agent-client relationship.
Homes.com offers real estate professionals advertising and
marketing services for residential properties. Realla is the UK’s
most comprehensive commercial property digital marketplace.
BureauxLocaux is one of the largest specialized property portals
for buying and leasing commercial real estate in France. CoStar
Group’s websites attract tens of millions of unique monthly
visitors. Headquartered in Washington, DC, CoStar Group maintains
offices throughout the U.S., Europe, Canada and Asia. From time to
time, we plan to utilize our corporate website,
www.costargroup.com, as a channel of distribution for material
company information. For more information, visit
CoStarGroup.com.
About Apartments.com
Apartments.com is a leading online apartment listing website,
offering renters access to information on more than 1,000,000
available units for rent. Powered by CoStar, the Apartments.com
network of sites includes Apartments.com, ApartmentFinder.com,
ApartmentHomeLiving.com, Apartamentos.com, WestsideRentals.com,
ForRent.com, ForRentUniversity.com, After55.com and
CorporateHousing.com. Apartments.com is supported by the industry’s
largest professional research team, which visits and photographs
properties nationwide. The team calls each month to apartment
owners and property managers, collecting and verifying current
availabilities, rental rates, pet policies, fees, leasing
incentives, concessions, and more.
Apartments.com offers more rental listings than any other
listing website in the U.S., with innovative features including a
drawing tool that allows users to define their own search areas on
a map, and a “travel time” feature that lets users search for
rentals in proximity to a specific address. Apartments.com creates
easy access to its listings through a responsive website and iOS
and Android apps and provides exposure for its advertisers through
an intuitive name, strategic search engine placements and
innovative emerging media.
The Apartments.com network reaches millions of renters
nationwide, driving both qualified traffic and highly engaged
renters to leasing offices. For more information visit
Apartments.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220506005298/en/
Media Contact
Matthew Blocher Vice President CoStar Group Corporate Marketing
& Communications (202) 346-6775 mblocher@costargroup.com
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