1、Multifamily Rent Growth Positive,Slowing Economy Headed for a Fall?Higher Rates Vex Capital MarketsU.S.Multifamily OutlookSummer 2023 2Market AnalysisSummer 2023CONTACTS Jeff Adler Vice President&General Manager of Yardi Matrix Jeff.AdlerY(800)303-615-3676Paul Fiorilla Director of Research Paul.Fior

2、illaY(800)866-1124 x5764Doug Ressler Media Contact Doug.ResslerY(800)866-1124 x2419Meeghan Clay Content Manager Meeghan.ClayYMultifamily Performance Strong Amid Flashing Yellow Lights Multifamily fundamentals remained healthy through the first half of the year,but doubts abound about the impact of i

3、nterest rates on the economy and capital markets.Demand is holding up,fueled by ongoing robust job growth and strong consumer balance sheets.Yet the capital side of the industry is facing significant headwinds from higher mort-gage rates.The economy continues to pump out jobs,despite the best effort

4、s of the Federal Reserve,but for how long?Job growth is consistently ahead of consensus forecasts.Inflation is moderating but not fast enough to motivate rate cuts.Tightening bank credit signaled by the badly in-verted yield curve will inevitably serve to cool growth in the second half of 2023.Rents

5、 resumed their upward climb in the spring as demand remains positive.We expect moderate 2.5%rent growth in 2023,with gains concentrated in Renter-by-Necessity units since affordability is a grow-ing problem and new deliveries are focused on high-end Lifestyle units.Rapid growth in expenses is puttin

6、g pressure on net operating income.New deliveries will be high through at least the end of 2024,as the 1 million units under construction come online.Deliveries should total 430,000 units in 2023 and more than 450,000 in 2024,with new sup-ply concentrated in fast-growing Sun Belt metros.Starts are g