Rents continue rising, with moderate growth expected through 2023

The national average rent rose for the second time in a row this year, up $5 to $1,709 from March to April, according to the latest Matrix Multifamily National Report by Yardi Matrix. This falls far below the gains seen in 2021 and 2022. At the same time, year-over-year rent growth continued to decelerate, down 80 basis points from March to 3.2% in April.