Yardi matrix said the national average requesting the rent for the apartment was up $ 5 in March compared to the revised level from the previous month to $ 1,736 per month. The national average from one year to another from one year to the next was +0.9%, down 0.1 percentage compared to the rate declared last month. The monthly rent growth rate was 0.3%.
Rents in the “lifestyle” asset class, generally class A properties, increased by 0.1% in annual sliding. The rents of “tenants per necessity” (RBN) increased by 2.1% in annual sliding. The growth of the rent of the lifestyle is down 0.1 percentage point compared to the rate of last month, while the growth of RBN rents is up 0.2 percentage points. The graph, below, shows the history of rent growth rates from one year to the next for these two asset classes as well as the difference between these rates.
The rent growth rate from one year to the next for the properties of lifestyle has now been positive for 4 consecutive months, but the growth rate has dropped from the last 2 months. The growth of rents from one year to the next for RBN Properties oscillates approximately 2% for the last year, but reading the current month is the highest since March 2024.
Yardi Matrix indicated that the American average occupancy rate in February was down 0.1 percentage compared to that of last month at 94.4%. Yardi Matrix said it is the lowest occupancy rate they have seen since November 2013.
Uncertainty again
The discussion section of the this month report focused on the impact of uncertainty around President Trump’s economic prices and economic policies on multifamilial affairs.
An indicator that uncertainty has an impact on multifamilial investment decisions is a sharp drop in multifamilial CMBS activity. While activity in T1 2025 has been the highest since 2007, the volume has dropped considerably in the first 3 weeks of Q2. However, Fannie Mae and Freddie Mac are still ready, and banks are also active, if they are selective.
Developers and manufacturers are also faced with uncertainty, some reporting that price increases are already observed.
Data tab
Yardi Matrix reports other key rental market measures in addition to rent growth. This is in particular the job growth rate from one year to the other based on the 6 -month mobile average and completions in the previous 12 months in percentage of existing stock. The 10 metros with the annual increases in annual apartments are listed in the table below, as well as the other data.
| City | Rent in annual shift | Rent in annual shift last month |
Annual shift jobs (6 months AVG Mobile) |
Completion in% stock |
| new York | 5.8 | 5.5 | 2.0 | 1.6 |
| Columbus | 3.7 | 3.5 | 0.9 | 3.8 |
| Philadelphia | 3.6 | 3.2 | 0.9 | 1.9 |
| Kansas City | 3.5 | 3.7 | 1.0 | 2.6 |
| Chicago | 3.3 | 3.7 | 0.6 | 1.7 |
| Indianapolis | 3.2 | 3.1 | 1.2 | 3.3 |
| Detroit | 3.0 | 2.7 | 0.6 | 0.5 |
| Twin cities | 2.7 | 2.1 | 0.9 | 4.0 |
| Washington DC | 2.5 | 2.8 | 0.0 | 0.0 |
| New Jersey | 2.4 | 2.6 | 1.8 | 2.7 |
The main metros with the smallest growth of the rents in the apartment from one year on the other, determined by Yardi Matrix are listed in the following table, below, as well as the other data as in the table above.
| City | Rent in annual shift | Rent in annual shift last month |
Annual shift jobs (6 months AVG Mobile) |
Completion in% stock |
| Austin | (5.6) | (5.4) | 2.1 | 8.8 |
| Denver | (3.9) | (3.6) | 0.5 | 6.2 |
| Phoenix | (3.1) | (3.0) | 0.6 | 5.2 |
| Dallas | (2.1) | (1.7) | 1.3 | 3.9 |
| Orlando | (2.1) | (1.3) | 1.9 | 6.0 |
| Atlanta | (1.6) | (1.6) | 1.2 | 3.9 |
| Las Vegas | (0.9) | 0.1 | 1.1 | 3.5 |
| Nashville | (0.8) | (1.0) | 1.3 | 6.2 |
| Raleigh | (0.6) | (1.5) | 1.9 | 6.2 |
| Charlotte | (0.1) | 0.3 | 1.2 | 5.5 |
The best metros for the growth of rents of the month in March were Raleigh, Columbus, Boston and Indianapolis. Among these, only Boston was in the top 4 of last month report. The flight metros this month were Orlando, Las Vegas, Dallas and Phoenix. Among these, only Phoenix was in the last 4 in the report of last month.
Unibumial rentals are higher
The Yardi matrix also indicated that the unifamilial rental construction rents (SFR) increased by $ 5 in March from the revised level from the previous month to $ 2,178 per month. SFF rents from year to year for the properties of lifestyle fell by 0.4%, while rents for RBN properties increased by 1.9%.
Yardi Matrix reported on the 34 main markets for constructed single -family rentals, 15 of which have seen rents increase from year to year in March. The main rents for the growth of rents from one year to the next were Detroit, Inland Empire, Harrisburg and Kansas City.
The markets with the growth of the lowest rents from one year to the next were Austin, Pensacola, Cleveland and Phoenix.
The national occupancy rate for single -family rentals remained 94.8%. This is up 0.1 percentage points compared to the declared value of last month, but down 0.6% in annual sliding.
This month, 11 of the metros have seen increases in occupation from one year to the next. The metros with the biggest occupation increases from one year to the next were Jacksonville, Salt Lake City, Austin and Atlanta. The metros with the greatest reductions in occupation were Greenville, Detroit, Las Vegas and Denver.
The Yardi matrix’s full report provides information on some of the smallest multifamilial housing markets and more information on differences in results between lifestyle and RBN properties. It can be found here.
