Market gains seasonal lift in May but pricing power trails historical norms
SANTA BARBARA, Calif., June 4, 2026 – While U.S. multifamily advertised rents rose in May 2026, key indicators suggest that rent growth will remain weak throughout the year, according to new data released by Yardi® Matrix.
The market sustained the advertised rent increase traditionally seen in the busy spring leasing season, with the average rent rising $6 from April and 0.2% year-over-year. However, year-over-year advertised rents declined in 18 of the 30 Yardi Matrix top metros, and “the spring leasing season is generating less pricing power than it did historically,” according to a new Yardi Matrix national report
San Francisco, Chicago, New York City and Minnesota’s Twin Cities were the year-over-year rent growth leaders in May. Meanwhile, high-supply metros such as Austin, Texas; Phoenix; Denver; and Tampa, Fla., recorded negative rent growth.
Rents increased 1% through the first five months of the year, matching the average pace over the same period the past four years but measuring only about half the pre-pandemic norm.
Softening demand from a wave of deliveries, the large number of properties in lease-up and widespread economic uncertainty has pushed the national occupancy rate to its lowest level since 2013.
Get more insights into supply, demand, demographics, occupancy and other key market forces in the Yardi Matrix Multifamily National Report for May 2026.
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