Yardi 2023 Update

"Our overall outlook for multifamily asking rents has not changed much, although we have reduced our expectation for average asking rent growth for 2023 to 2.6% from 3.1%. The magnitude of that change is largely driven by the lowering of our forecasts in some large markets that have an outsize effect on the average: Eastern Los Angeles County, Miami, the Bay Area - South Bay, Tampa, and Manhattan were all reduced by a full percentage point. Each of these markets saw significant month-over-month fluctuations in Class A properties over the past two months, the volatility that occurred slightly earlier than expected. The median forecast change was only four basis points lower."