Average rate unchanged amid high supply levels and weakening demand drivers
SANTA BARBARA, Calif., March 12, 2026 – Yardi® Matrix analysis shows that the average U.S. advertised rent stood at $1,740 in February 2026, unchanged from January, as supply pressures and a shifting economic backdrop combine to keep rent growth stagnant.
Although February is traditionally a slow month for rent growth, longer-term signals suggest that rents may not receive a strong bump in the spring. For one thing, high levels of new deliveries remain a primary structural headwind, with a sizable volume of units remaining in lease-up. And slowing job growth, military actions in the Middle East and rising prices have shaken consumer confidence and tightened renter budgets.
The news is not all bad. For example, lease renewals and strong, renewal rates remain positive, core markets such as San Francisco and Chicago have rebounded, Sun Belt markets show healthy long-term growth characteristics, and equity and debt capital is plentiful.
However, “economic 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 Yardi Matrix researchers.
Get more insights on the supply, demand and demographics, occupancy and other factors impacting the multifamily sector in the Yardi Matrix National Multifamily Report for February 2026.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn more.
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