National Average Rent Declined Slightly in November

Charlotte, NC, January 6, 2025-"As shown by a recent multi-family rental report from Yardi Matrix, the national average rent fell by about $5 during the month of November,” according to Truist. 

“This translated to 14 of the top 30 rental markets facing falling year-over-year rents during the month, while 16 still exhibited positive growth. Regardless, growth in the majority of these still-positive metros moderated from the October numbers. Yardi noted that while strong demand is being seen in the Sun Belt markets, new supply coming online in these geographies is offsetting the number of available units. Note that multi-family completions nationally were up 10% year-over-year in November, and are up 36% YTD through the same month.”