"Rents for both multifamily and single-family built-to-rent units moved sideways over the last year. Still, rents in most major Sun Belt markets are down annually due to a glut of new housing, according to the latest Yardi Matrix National Multifamily Report. Meanwhile, rental growth is typically the strongest in the Midwest, Northeast, and California. This mirrors trends in the for-sale market, as markets with negative home price appreciation over the last year tend to be concentrated in the Sun Belt and the Mountain West."
"Advertised rental rates for single-family built-to-rent (BTR) properties fell $10 to $2,185 in November, and are down for the fourth straight month, or $28 from the July peak. On a national level, BTR asking rents are down 0.5% year-over-year, a notable reversal from November gains of 1.4% in 2023 and 2024. This signals a slowdown in the BTR market, but there are dramatic regional differences: the Midwest was a strong point, while the Sun Belt posted the most significant declines."
Rents for multifamily and single-family built-to-rent units were largely flat over the last year, with most major Sun Belt markets posting annual declines due to a glut of new housing. Advertised single-family BTR rents fell $10 to $2,185 in November and are down $28 from the July peak, marking a 0.5% year-over-year decline after prior gains. National occupancy remained near 95%, up 0.1% year-over-year. Multifamily asking rents rose 0.2% year-over-year but fell $8 month-over-month. Midwest, Northeast, and California exhibited the strongest rent growth, while Austin, Denver, Phoenix, Las Vegas, and Dallas saw notable declines.
Read at www.housingwire.com
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