Multifamily rents drop in September 2024

“Recent economic news like interest rate cuts and robust GDP and job growth have given the multifamily market a ‘shot in the arm,’ the report states. ‘Supply growth remains the bright line determining advertised rent growth.’

This is the third consecutive month that multifamily rent has dropped. Among major cities, New York, N.Y., saw the biggest rent increase (5.4% year-over-year), followed by Kansas City, Mo., (4.2% YoY). Secondary markets like Indianapolis, Ind., and Boston, Mass., also saw strong growth. In contrast, many Sun Belt cities experienced falling rents, with Austin, Texas, leading the decline at –4.9 percent.“