Top U.S. Multifamily Rent Growth Markets — Q2 2022
The U.S. multifamily market posted a historic showing in the second quarter of 2022. Average effective rents increased 17.5% year-over-year, up from 15.7% in the previous quarter, and the highest quarterly growth rate on record. Among the nation’s top markets for rent growth, the Sunbelt region continued to shine.
The Greensboro/Winston-Salem market took the lead during the quarter, where rents jumped 28.3%. Residents have been drawn to the market for its high housing affordability and low business costs. Charleston (up 25.4%) and Greenville (up 23.1%) also represented the Carolinas on the top multifamily markets list during the quarter.
Florida markets continued to dominate the list. Palm Beach finished in the second position, with a growth rate of 28.3%, and Orlando was third at 27.8%. Others on the list were Tampa-St. Petersburg (up 27.0%), Miami (up 26.7%), and Jacksonville (up 24.4%).
The recovery of the New York Metro apartment market was in full force during the quarter, with effective rents rising 27.7%. And although the Phoenix housing market has slowed, Tucson remained strong during the quarter, growing at 27.1%.
Here’s a full look at the top U.S. multifamily rent growth markets for Q2 2022, with data provided by Moody’s Analytics CRE.