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As we step into 2024, the real estate landscape is poised for a variety of challenges and opportunities. In this post, we break down highlights from Yardi Matrix’s Multifamily National Report for 2024 - including what to expect for rent growth, the overall multifamily sector, the economy and capital markets, and projected transaction volumes.
The forecast for rent growth in 2024 appears positive, albeit at a modest rate of 1.5% nationally. This optimism, however, will be tempered by various factors, including slowing absorption, supply growth, and declining affordability, following several robust years.
Multifamily Sector: A Mixed Bag:
The multifamily sector faces a mixed outlook in 2024. While property performance remains healthy for most apartments, challenges are on the horizon. A wave of deliveries, rapid growth in expenses, a potential economic slowdown, and the rise in mortgage rates are anticipated hurdles.
The U.S. economy has displayed surprising resilience, driven by robust employment growth and moderate gains in consumer spending. However, economic growth is expected to slow in 2024 due to a higherfor-longer interest rate scenario. This shift will trigger a market reset in commercial real estate, characterized by higher acquisition yields, increased financing costs, and lower leverage and values.
*Data provided by Chicago Title
U S BANK BANKS
FIRST INTERSTATE BANK
LITTLE HORN BANK
OPPORTUNITY BANK
STOCKMAN BANK
ACE HARDWARE
BEARTOOTH HARLEY DAVIDSON
CRICKET WIRELESS
DOLLAR GENERAL HARBOR FREIGHT
ARBY'S CAFE RIO
COCA COLA
CRUMBL COOKIE
JACK IN THE BOX
JERSEY MIKE'S
JIMMY JOHNS
LITTLE CEASAR'S MAZEVO COFFEE
ACOSTA
AE2S
ALL AMERICAN
PHARMECEUTICAL
ALLSTATE
AR WORKSHOP
AT&T
AUTOZONE
AXIOM LAW
BARGREEN ELLINGSON
BEAR MOUNTAIN ADI
BLUE BEACON TRUCK WASH
BONINI ENTERPRISES
BOREALIS FUELS AND LOGISTICS
BUGGY BATH CAR WASH
CENTIMARK ROOFING
CHICAGO TITLE
CK TECH
VALLEY FEDERAL CREDIT UNION
WELLS FARGO
WESTERN SECURITY BANK
YELLOWSTONE BANK
MENS WAREHOUSE
RENT A CENTER
SHOPKO
STATE LIQUOR STORE
TRACTOR SUPPLY CO
MCDONALD'S PAPA MURPHY'S PROOF DONUTS
QDOBA STARBUCKS
STEAK AND SHAKE
SUBWAY
TWISTED SUGAR
DAIRY QUEEN
CHEN’S EXPRESS
EDWARD JONES
EPIROC USA
FAITHFUL DISASTER RESTORATION
FASBREAK AUTOGLASS
FEDERAL DEFENDERS OF MT
FLYING S TITLE
FORZA DEVELOPMENT
HARDRIVES ASPHALT
HOLIDAY/CIRCLE K
KOMATSU
MILLS ELECTRIC
NEWMAN RESTORATION
PENSKE TRUCK RENTAL
PHILLIPS 66
PLANET FITNESS
QUIKRETE
ROCKY MOUNTAIN VEIN CLINIC
ROCKY VISTA UNIVERSITY ROTO ROOTER
SECURITAS
SHAMROCK FOODS
SUMMER'S MCNEA AND CO
TETRA TECH ENGINEERING
THRIVENT
TKI INC
TOWN PUMP
TYLER TECHNOLOGIES
VANROCK HOLDINGS
VETERAN'S AFFAIRS
WESTERN NATIVE VOICE
YELLOWSTONE CHRISTIAN
COLLEGE
ZIMMER BIOMET
BUYER REPRESENTATION
SITE SEARCH
BUILD TO SUIT
LEASE/OWN ANALYSIS
ACQUISITION
LEASE AUDITS
SELLER REPRESENTATION
LEASING SERVICES
DISPOSITION
LEASE ANALYSIS
PROPERTY POSITIONING / REPOSITIONING
TENANT RETENTION
TARGET MARKETING TO SUITABLE PROSPECTS
LANDLORD MARKETING
STRATEGIC PLANNING SERVICES
NEGOTIATIONS
LEASE ANALYSIS
STRATEGIC PLANNING SERVICES
ACQUISITION OR DISPOSITION
RELOCATION SERVICES
LEASE/OWN/SALE
LEASEBACK ANALYSIS
NEGOTIATIONS
LEASE ANALYSIS
OPINION OF VALUE
INVESTMENT ANALYSIS
FINANCIAL ANALYSIS
MARKET RESEARCH
LEASE ANALYSIS/RENEGOTIATION
ADVISORY SERVICES
BANK OWNED REO SERVICES
LEASE ADMINISTRATION
LEASE AUDIT
BUILD TO SUIT/TENANT FIT UP
CONSULTING
APPRAISAL AND OTHER
VALUATION SERVICES
MARKET SURVEYS AND ANALYSIS
SPACE PLANNING
LEASE ADMINISTRATION
LEASE AUDIT
BUILD TO SUIT/TENANT FIT UP
CONSULTING
APPRAISAL AND OTHER VALUATION SERVICES
MARKET SURVEYS AND ANALYSIS
DEMOGRAPHIC / DRIVE-TIME STUDIES
SPACE PLANNING