Top U.S. Multifamily Rent Growth Markets — Q2 2024
The U.S. multifamily market followed the quick pandemic contraction with a strong recovery and has now normalized into a more stable cycle. Rents held steady, and occupancy increased, as investors began to dip back into the market. Demand remained strong across the country, with a wide variety of markets among the leaders for rent growth.
The Milwaukee multifamily market continued its torrid streak, finishing in the top spot for the third consecutive quarter. The average effective rent there grew 2.5% year-over-year. The market’s well-educated workforce and strong manufacturing sector should continue to drive this thriving economy for years to come.
Detroit jumped into the number two slot during the second quarter, up from the sixth slot in the first quarter. Multifamily rent in The Motor City rose 1.8% over the last twelve months as the city continues its revival.
The New York Metro market finished in the third spot on the list this quarter, up from the number ten spot. The city bounced back strong after the pandemic, with rents in Manhattan reaching new record highs, even before the spring and summer leasing season. Central New Jersey also made the list again this quarter, finishing at number six.
Here’s a full look at the top U.S. multifamily rent growth markets for Q2 2024, with data provided by Moody’s Analytics CRE.
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