Yardi Matrix reports the metro Phoenix multifamily market saw a modest gain of approximately 0.6% in July.
Austin and Raleigh saw similar increases after all three cities saw rents decline throughout 2023 and much of 2024.
In total, 24 of Yardi Matrix’s top 30 cities tracked saw rents increase in July. All those cities had previously seen rent growth turn negative due to large volumes of new deliveries and a decrease in occupancy.
Yardi Matrix warned, however, that continued new units coming online in the next 15-18 months could keep rent growth uncertain.
Nationwide, only two metro areas reported year-over-year occupancy gains in July. Las Vegas increased 0.7% to 93.6%, and Minneapolis/St. Paul was up 0.1% to 95%. (Source)