2026 multifamily reports: Download the latest from Yardi Matrix

By Joel Nelson on January 14, 2026 in Matrix Multifamily

All 2026 Yardi Matrix multifamily reports will be summarized here. The latest month is on top, and all reports are available for free download. See what’s happening in the industry across the United States and in your region.

December 2025: U.S. multifamily enters new year flat

A $5 drop in the average advertised rent resulted in December 2025 ending with no year-over-year rent growth in the U.S. multifamily market.

Although 2025 was the first year since 2020 with no national advertised rent gain, Yardi Matrix experts analyzing data from major metros expect modest average rent increases this year. The cooling rent trend also reflects normalization in the wake of a 22% surge in rents between 2021 and 2022.

Regional concentrations

Slowing multifamily demand reflects flattening job growth and the impact of immigration policy. Occupancy has remained firm as more renters stay in place rather than transition into homeownership. “This resilience also reflects owners’ strategy to prioritize retention through lower renewal increases and concessions,” according to Yardi Matrix.

Rent growth in 2025 was concentrated in coastal markets and the Midwest, with the weakest performances largely confined to the Sun Belt where elevated new supply continues to weigh on pricing.

Advertised rent growth in December was strongest in gateway and Midwest markets including New York City, Chicago and Minnesota’s Twin Cities. Metros experiencing negative rent growth included Austin, Texas; Phoenix; Denver and Las Vegas.

Transactions notch slight increase

Multifamily transaction volume increased slightly in 2025 compared to 2024, with high-growth secondary markets such as Dallas, Seattle and Phoenix attracting the most investor dollars. “Demand is strong but counteracted by pricing uncertainty,” Yardi Matrix says.

Positive signs ahead

Although absorption has moderated since the first half of 2025, it remains healthy by historical standards. According to the report, “Despite ongoing economic uncertainty, stronger GDP growth in the fourth quarter points to improving momentum. Greater stability in 2026 could help lift consumer confidence and support a gradual rebound in rental demand.”

Get the full story

Read a recap of U.S. multifamily trends and get a glimpse of what’s ahead in the Yardi Matrix National Multifamily Report for December 2025.

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