Top U.S. Multifamily Rent Growth Markets — Q3 2022

The U.S. multifamily market continued to expand during the third quarter of 2022, although at a more modest pace. Effective rent growth remained strong nationally, climbing 10.7% year-over-year, yet down from the second quarter’s skyrocketing rate of 17.7%. Additionally, some new areas have shown up on the list of top rent growth markets.

The recovery of the New York Metro market remained in full force, topping the list with rent growth reaching 19.9%. The market ranked fourth during the second quarter, although has otherwise not been seen on the list since the onset of the pandemic. New York was one of the hardest hit markets during the downturn, yet has bounced back strong despite a leveling off in office occupancy.

The Greensboro/Winston-Salem market, which topped the list in the previous quarter, slipped to the second spot (up 17.5%). New residents have been drawn to the area for its housing affordability and low costs of doing business. Charleston (up 16.8%) and Greenville (up 16.4%) also represented the Carolinas on the top multifamily markets list during the quarter.

Here’s a full look at the top U.S. multifamily rent growth markets for Q3 2022, with data provided by Moody’s Analytics CRE.

For more market insight, read our 2022 Top Opportunities in Large Multifamily Investment Report and view our other market research and multifamily posts in our research section.