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The average U.S. asking rent fell for the third straight month in November, down $6 to $1,713, according to the latest Yardi Matrix Multifamily Report. Year-over-year growth remained the same at 0.4%, while occupancy has stayed steady since August at 94.9%.

Yardi Matrix noted that while rents typically don’t change much in November, as fewer people move during the holidays, that pattern was disrupted in the past several years on both the upside and downside.

“One could say the multifamily market is metaphorically hunkering down for the winter as property owners face the prospect of weak near-term rent growth due to inflation, the loosening job market, and a surge in deliveries in some markets, while values and capital markets liquidity deteriorate as interest rates remain higher for longer,” noted the report.

As in recent months, metros in the Northeast and Midwest continue to see the highest rent growth, with New York City topping the list at 6.2% year over year, followed by Kansas City, Missouri, and New Jersey at 4%; Columbus, Ohio, at 3.4%; and Chicago at 3.2%.

However, Yardi Matrix data shows negative rent growth in a number of metros, with seven of its top 30 markets being down 3% or more year over year. Most of these are Sun Belt markets seeing a high volume of multifamily deliveries.

Rents are down month over month in both the renter-by-necessity and luxury lifestyle segments by 0.2% and 0.4%, respectively. Rent growth was negative in 27 of the top 30 metros in the lifestyle segment and 20 in the renter-by-necessity segment.

North Carolina’s Raleigh and Charlotte saw the most significant declines in the segments. Raleigh was down 1.1% in lifestyle and 1.3% in renter-by-necessity, while Charlotte was down 0.9% in lifestyle and 1.1% in renter-by-necessity.

Most top 30 markets were unchanged or declined, with only a few seeing modest gains in overall rent. Kansas City led for month-over-month rent growth at 0.6%, followed by New York at 0.5% and Houston at 0.4%.

According to Yardi Matrix, renewal rent growth also is slowing as anticipated. Renewal rents rose 6% nationally year over in year in September, down 40 basis points from August. Many of the metros with the highest renewal rates are in the Midwest and Northeast where asking rents continue to increase, such as New York, Boston, Indianapolis, Kansas City, and New Jersey.

In September, the national lease renewal rate averaged 65.2%, settling into a range between 64.7% and 66% over the last five months. Renewal rates were highest in New Jersey at 81.5% and lowest in Los Angeles at 47.4%.

National asking rents for single-family rentals (SFRs) fell last month by $8 to $2,115—the steepest one-month decline in years. Year-over-year growth decreased 30 basis points to 0.7%.

California’s Orange County and Kansas City saw the highest year-over-year growth, while Orlando, Florida; Seattle; and Austin, Texas, came in at the bottom of the list.

“Demand remains robust, as high mortgage rates continue to slow the pace of home sales,” noted the report. “SFR occupancy rates have steadied at 95.9% and are likely to remain high.”

According to Yardi Matrix, a record 58,000 SFR properties are under construction. The most active pipelines are in the Southeast, including Jacksonville, Florida, with 2,256 units under construction; Orlando with 1,365 units; Savannah, Georgia, with 1,343 units; and Huntsville, Alabama, with 1,142 units.