Apartment rents should grow in 2023, but not nearly as fast as they did during the last two years,
according to a year-end update from research firm Yardi Matrix.
According to the December report, apartment rents grew by 6.3% in 2022. That’s a solid number, but rent growth did slow in the second half of the year. Earlier, Yardi Matrix had predicted that apartment rents would grow by 7.6% this year.
And for next year? Yardi Matrix is forecasting that national apartment rents will grow 3.1% in 2023. The company also made a prediction for 2024, forecasting that apartment rents should grow by 4.1% during that year.
This is a big change from the two-and-a-half years following May of 2020. As Yardi Matrix reports, during this time, asking rents rose by an average of 21.7%, the fastest growth in monthly apartment rents ever.