2026 multifamily reports: Download the latest from Yardi Matrix

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.

Summer 2026: Rent recovery slight but visible

While demand for U.S. multifamily properties remains positive, the market still needs to work through the 1.3 million units in the lease-up phase, according to a new market analysis released by Yardi Matrix.

However, the analysis notes, multifamily starts declined sharply in 2025 compared with the cycle peak three years earlier. This development provides “hope that the glut caused by rapid deliveries in recent years will soon turn around and give property owners some pricing power,” the analysis notes.

Rent growth follows modest trend

National multifamily advertised rents increased modestly in the first half of 2026, a trend likely to hold for the remainder of the year. Slow population growth, elevated supply and cautious consumer sentiment will continue to rein in rent growth, with gains concentrated in undersupplied gateway markets and low-cost Midwest markets.

Supply focused on Sun Belt, Northeast

New supply in 2026 will be concentrated in the Sun Belt and Northeast markets, with Dallas, New York City, Phoenix, Atlanta and New Jersey accounting for the largest delivery volumes. In percentage terms, the inventory growth leaders will be Charlotte, North Caroliina; Phoenix; Orlando, Florida; San Diego; and New York.

New market analysis offers details

See the Yardi Matrix U.S. Multifamily Outlook for summer 2026 for more information about rent and supply trends, economic conditions and other factors affecting the market.

May 2026: Rents rise, as does uncertainty

The U.S. multifamily advertised rent rose on the cusp of the spring leasing season’s busiest stretch, reaching a national average of $1,767 in May 2026. While this figure maintains the historical seasonal pattern of rent escalation in the early months of the year, it also represents less pricing power than was evident in previous years.

A hefty amount of supply, military conflicts, widespread economic uncertainty and inflationary pressures have forged a scenario that “portends weak growth for the full year,” according to a new national report from Yardi Matrix.

Gateway, Midwest markets lead rent growth

San Francisco, with strong demand tied to AI-related job growth, recorded the highest year-over-year rent growth at 4.5%. Other leaders were Chicago, New York City, Minnesota’s Twin Cities and Kansas City, Missouri. Meanwhile, high-supply metros such as Austin, Texas; Phoenix; Denver; and Tampa, Florida, experienced negative rent growth.

San Francisco was the only major market whose occupancy rate rose in April. All of the other top 30 metros recorded declines, with the largest drops occurring in Tampa, Las Vegas and Houston.

Economic factors slowing transactions

The $26.6 billion of year-to-date multifamily transactions through May were 10.7% less than the sales completed during the same period a year ago.

Yardi Matrix analysts attribute the decrease to inflation, economic uncertainty and higher Treasury rates fueled by military actions in the Middle East. However, a hesitancy to sell is the key factor in the lack of sales, since investors continue to raise capital for multifamily assets.

New report holds additional insight

More information about U.S. multifamily supply, demand, demographics and transaction activity is available in the Yardi Matrix Multifamily National report for May 2026.

April 2026: Market turning toward recovery?

While U.S. multifamily advertised rents rose $4 in April 2026, year-to-year growth registered a 0.2% decline, according to new data released by Yardi Matrix.

The primary constraint on rent growth is the elevated volume of new supply working through lease-up. Broader economic conditions such as faltering consumer confidence, rising energy prices and a soft job market also comprise major headwinds for the multifamily market.

Signs of recovery

Although rent growth year-to-date is about one-third of the average growth rate between 2012 and 2019, some high-supply markets are showing signs of stabilization. “While this improvement is not yet broad-based or sustained, it suggests conditions may be beginning to turn a corner, through a gradual recovery is still expected,” according to a new Yardi Matrix national report.

Returning to the long-term average, Yardi Matrix analysts say, requires rent growth turning positive “in markets in the Sun Belt and Mountain West that have recorded negative growth over the last two years.”

New York City led the Yardi top 30 metros in year-over-year rent growth in April, followed by San Francisco, Chicago, Minnesota’s Twin Cities and Kansas City, Missouri. Meanwhile, Austin, Texas; Denver; Tampa, Florida; Phoenix; and Raleigh, North Carolina, saw the biggest rent declines.

More insight available

More information about multifamily supply, demand, demographics and investment opportunities is available in the Yardi Matrix Multifamily National Report for April 2026.

March 2026: Rent growth resumes

U.S. multifamily advertised rents rose in March 2026, reaching $1,750 in the first month-over-month gain since last summer. Details about the supply, demand, demographic, economic and other factors impacting the sector are available in a new multifamily national report from Yardi Matrix.

While positive, the 0.2% increase in advertised rents in Q1 2026 was weaker than normal for the first quarter of a year, driven by an ongoing supply glut in some markets, reduced immigration and slow job growth.

Conflict breeds new uncertainty

Ongoing uncertainty in the Middle East represents another potential impediment to growth while increasing inflationary pressures. If conflict persists, notes the Yardi Matrix report, “elevated energy prices could place sustained pressure on household formation,” eroding discretionary income and further limiting renters’ ability to absorb rising housing costs.

On the positive side, the modest rent growth in March followed several months of muted growth. Nearly all markets, including most high-supply metros, posted gains.

Rent growth leaders & trailers

Gateway and Midwest markets recorded the highest year-over-year rent growth in March, led by New York City, San Francisco, Chicago and Minnesota’s Twin Cities. Rent growth remained negative in high-supply metros, most notably Austin, Texas; Denver; Tampa, Florida; and Phoenix.

Meanwhile, the national occupancy rate held at 94.3% in February but declined 0.4% year-over-year, with only Atlanta and San Francisco posting gains among the top 30 Yardi Matrix metros.

Get detailed insights

For more on multifamily and single family build-to-rent performance, see the Yardi Matrix Multifamily National Report for March 2026.

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.