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The U.S. multifamily market faces a series of challenges leading into 2026 that are likely to keep rent growth positive but modest throughout the year, according to new research findings from Yardi Matrix.
Yardi Matrix forecasts a 1.2% increase in advertised national rents for 2026, with moderate growth continuing in low-supply Northeast and Midwest markets and strong demand and supply growth characterizing the Sun Belt and Mountain West regions.
In a new market analysis of the research, Yardi Matrix projects that 450,000 units will be delivered in 2026, “a drop from recent years but not enough for a decline to push rents to robust levels.”
The economy remains the biggest unknown in projecting multifamily market performance, with job growth, interest rates, the impact of artificial intelligence and other factors weighing heavily on consumers.“ Job creation and consumer confidence must improve for multifamily demand to return to robust levels,” the report declares.
Meanwhile, multifamily has abundant capital for acquisitions, with the transaction activity momentum seen in the second half of 2025 likely to continue. “Like equity investors, lenders are eager to put out capital,” the report notes.
Learn more about how economic forces and the investment climate will play out next year in the Yardi Matrix U. S. Multifamily Outlook for winter 2026.
