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Single-family rent growth rose to $2,079 in March, a $5 gain from the previous month. Year over year, single-family rental rates plunged by 80 basis points to 2.8%. The national occupancy rate was virtually flat during the first quarter, down 10 basis points to 95.1% in March.
“With affordability a growing concern and consumers constrained by high inflation, it is likely that rent growth in 2023 will be modest,” Yardi said. “Yet a multifamily hard landing is not yet in the cards, since household formation is still boosted by the tight job market, high single-family home prices, and mortgage rates are keeping homeownership out of reach for some renters, and consumer balance sheets remain strong (for now). The big question continues to be how the economy will react to sharp interest rate increases.”
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