Voyager Suite
Breeze
Virtuoso
Investment Suite
RentCafe Suite
REACH by RentCafe
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Elevate Suite
Procure to Pay Suite 
Energy Suite
Aspire
RightSource
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Matrix
Yardi Kube Suite
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Yardi Corom
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.
February 2026: Rents continue no-growth trend
The latest Yardi Matrix Multifamily National Report portrays an industry buffeted by economic headwinds while exhibiting strength in several areas.
Rents remained unchanged month-over-month in February 2026, continuing an 18-month trend of largely stagnant growth. Only nine of the Yardi Matrix top 30 markets posted growth, led by New York City, San Francisco, Chicago, Miami and Minnesota’s Twin Cities.
Analysis indicates continuing stagnation
Yardi Matrix analysis points to several indications that rents will remain in its current state of stagnation, including high levels of new deliveries coupled with slowing supply absorption, job market weakness, rising consumer prices and escalating geopolitical tensions. The low level of population growth, which has slowed due to decreased international immigration and declining U.S. birth rates, also holds implications for multifamily housing demand.
These trends “signal softness heading into the spring leasing season and raise the possibility that 2026 could shape up to be a weak year for rent growth,” according to the Yardi Matrix report.
Industry shows positive signs
There are encouraging signs amid the sobering backdrop, however. Lease renewals are strong and renewal rates continue in positive territory. Core markets such as San Francisco and Chicago have bounced back and Sun Belt markets show signs of healthy long-term growth.
In addition, equity and debt capital is plentiful, and mortgages needing to be restructured offer opportunities for core properties and value-add assets.
Get the full story about supply, demand, occupancy, investment, demographics and other factors driving the U.S. multifamily market in the Yardi Matrix Multifamily National Report for February 2026.
January: Rents on the rise
The average advertised rent U.S. multifamily rents rose in January 2026, besting December’s average by $3 and offering hope that “the worst of the seasonal softness is behind us,” according to Yardi Matrix.
The average advertised rent reached $1,741 in January, a welcome change for multifamily property operators after five consecutive months of decline. However, the market is delivering “mixed signals on the pace of rent growth heading into the critical spring leasing season,” Yardi Matrix experts note, with supply pressures likely to limit rent growth.
Absorption challenges continue
Some major Sun Belt markets are still struggling to absorb apartment deliveries that arose from pandemic-driven demographic shifts. Meanwhile, the demand outlook remains uncertain, with faltering consumer confidence that could slow renter household formation countering an expensive for-sale housing market that favors multifamily demand.
As a result, it may be “difficult to achieve gains in overall advertised rents if the people renting workforce apartments don’t have steadily increasing incomes,” according to Yardi Matrix, which projects that advertised asking rents will grow by an average of 0.5% in 2026; 1% in 2027; and 2.3% in 2028.
Completions seen rising
With new construction starts remaining resilient, Yardi Matrix increased its forecast for multifamily completions, which are expected to total 458,731 units in 2026; 439,571 units in 2027; and 447,505 units in 2028. Market-rate new supply in 2028 is expected to be 31% less than its 2025 levels while partially affordable and fully affordable new supply will remain close to the levels achieved in 2025.
Get more insights into the prospects for rent growth, supply absorption trends, the single-family build-to-rent segment and more in the Yardi Matrix National Multifamily Report for January 2026, the Yardi Matrix Special Report and the Yardi Matrix Q1 2026 Multifamily Supply Forecast.
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.
