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Apartments.com Publishes May 2022 Rent Growth Report
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CoStar Group reports national multifamily rent growth at 10% year-over-year for May 2022, slightly down from 10.6% in April. The report indicates a solid Spring leasing season, with significant growth in Florida markets. Notably, Las Vegas and Phoenix are experiencing a slowdown, with rents dropping to 15.0% and 12.6%, respectively. Month-over-month, rents increased by 1.3%. Analysts suggest these trends may align with traditional seasonal patterns, emphasizing a cautious outlook for previously strong markets.
Positive
National multifamily rent growth remains high at 10%, indicating strong demand.
Month-over-month rent growth improved to 1.3%, signaling a positive leasing season.
Negative
Las Vegas rents decreased from 18.5% to 15.0%, a drop of 350 basis points.
Phoenix rents fell by 300 basis points to 12.6%, indicating slowing growth.
National Year-Over-Year Multifamily Rent Growth at 10%, Down from 10.6% in April
WASHINGTON--(BUSINESS WIRE)--
Today, Apartments.com – a CoStar Group company – released an in-depth look at national multifamily rent growth trends for May 2022 backed by analyst observations.
(Graphic: Business Wire)
“As we look back on the month of May, yearly rents at the market level remain well above historical averages, despite our data showing rents moderating from the record highs posted last year,” said Jay Lybik, National Director of Multifamily Analytics, CoStar Group. “Furthermore, the acceleration seen in the monthly data for most markets points to a solid Spring leasing season in progress.”
SUNBELT MARKETS, FLORIDA HOLD STRONG
According to Apartments.com analysts, sunbelt markets continue to dominate the top 10 rent growth markets for the month of May. Notably, Florida holds the top five spots – Palm Beach, Fla.; Orlando, Fla.; Fort Lauderdale, Fla.; Miami; and Tampa, Fla – reflecting the continued strong demand and tight market conditions across the state.
LEADING MARKETS BEGIN TO WAVER
Once leading growth markets in the sunbelt, Las Vegas and Phoenix, Ariz., have seen a dramatic slowing of growth over the past month.
In Las Vegas, year-over-year asking rents dropped from 18.5% in April to 15.0% at the end of May, a decline of 350 basis points, according to analysts. Phoenix isn’t far behind, as rents dropped 300 basis points to 12.6% over the same period.
While these once core sunbelt markets struggle, Cincinnati and Northern New Jersey both lead the increases with rents up 60 and 50 basis points, respectively.
MONTH-OVER-MONTH GROWTH TELLS A SLIGHTLY DIFFERENT STORY
Analysts have found that, looking sequentially, rents month-over-month showed the nation growing by 1.3%, up from 0.8% in April 2022. Additionally, the top 10 growth markets remain more dispersed compared to than in the year-over-year numbers.
At the month-over-month level, Las Vegas and the Inland Empire find themselves on the caution list for Apartments.com analysts. Historically, both markets have been among the top 10 for expanding rents in 2021, but have now experienced notable month-over-month deceleration.
According to analysts, one possibility could be a return to more traditional seasonal growth trends, in which these markets historically performed the best in the fourth and first quarters.
About CoStar Group, Inc.
CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information and analytics. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK’s most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada and Asia. From time to time, we plan to utilize our corporate website, www.costargroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.
About Apartments.com
Apartments.com is a leading online apartment listing website, offering renters access to information on more than 1,000,000 available units for rent. Powered by CoStar, the Apartments.com network of sites includes Apartments.com, ApartmentFinder.com, ApartmentHomeLiving.com, Apartamentos.com, WestsideRentals.com, ForRent.com, ForRentUniversity.com, After55.com and CorporateHousing.com. Apartments.com is supported by the industry’s largest professional research team, which visits and photographs properties nationwide. The team calls each month to apartment owners and property managers, collecting and verifying current availabilities, rental rates, pet policies, fees, leasing incentives, concessions, and more.
Apartments.com offers more rental listings than any other listing website in the U.S., with innovative features including a drawing tool that allows users to define their own search areas on a map, and a “travel time” feature that lets users search for rentals in proximity to a specific address. Apartments.com creates easy access to its listings through a responsive website and iOS and Android apps and provides exposure for its advertisers through an intuitive name, strategic search engine placements and innovative emerging media.
The Apartments.com network reaches millions of renters nationwide, driving both qualified traffic and highly engaged renters to leasing offices. For more information visit Apartments.com.
