Performance trailed historical levels as headwinds continue to subdue economic activity
SANTA BARBARA, Calif., April 8, 2026 – U.S. multifamily rents rose in March 2026 for the sector’s first monthly gain since last summer, according to data collected and analyzed by Yardi® Matrix. While the increase suggests early signs of seasonal momentum, an ongoing supply glut, reduced immigration, slowing job creation and overseas tensions could jeopardize prospects for ongoing growth.
The $4 increase in the average advertised rent in Q1 2026 represented a 0.2% growth rate, less than normal for a year’s first quarter. The flat year-over-year performance stands as the weakest growth in March since 2012.
The March rent growth was broadly distributed across markets and delivered some welcome relief. However, an ongoing supply glut, particularly across Sun Belt markets, combine with economic headwinds and escalating tensions in the Middle East to create ongoing uncertainty.
“Affordability pressures are already elevated, and higher energy costs … erode discretionary income and disproportionately impact lower-income households, further limiting renters’ ability to absorb rising housing costs,” states a new national report from Yardi Matrix.
New York City, San Francisco, Chicago and Minnesota’s Twin Cities were the year-over-year rent growth leaders in March. Rent growth remained negative in high-supply metros led by Austin Texas; Denver; Tampa, Fla.; and Phoenix.
Get more insights on supply, demand, demographics, global tensions, AI and other factors affecting the multifamily sector in the Yardi Matrix Affordable Housing National Report for March 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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