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January brought another double-digit increase in multifamily asking rents. Which markets are likely to continue to see outsized growth in 2022?

Continuing a trend that has been seen for most of last year, multifamily rents nationwide registered an increase in January 2022, according to a new report from real estate data firm Yardi Matrix. Average asking rents rose by 13.9 percent on a year-over-year basis, to $1,604 a month. Yardi Matrix researchers point out that January is historically a month when multifamily rent growth tends to be weaker and last month’s growth, which amounted to an average of $8 per month, was indeed below the $22 per month increase registered between March and October of 2021. But they add that the rent increases seen in January point to strong fundamentals in the multifamily sector, with unit absorption last year doubling from 2020, to 460,000.

In the following gallery, we take a look at the firm’s latest update on which markets are likely to see the most robust rent growth in 2022.

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