A typical February continues the multifamily sector’s stagnation trend.
Highlights:
- The average U.S. advertised asking rent ticked up 0.1% year-over-year to $1,740 in February.
- Short-term gains were null across the nation, with less than one-third of Matrix’s top 30 registering any monthly rent increases.
- The U.S. population grew by 1.8 million between July 2024 and July 2025, making it the weakest performance in half a decade.
- SFR-BTR average advertised rents inched down 0.4% year-over-year to $2,191 in February.
Similar rental results for 18 consecutive months
The national multifamily average advertised asking rent stagnated, settling at $1,740 in February, unmoved month-over-month, but up 0.1 percent on an annual basis. Average rents have shifted little during the past 18 months. Primary and Midwest metros were ahead of the curve with the highest annual rent growth, including New York (4.2%), San Francisco (3.6%), Chicago (3.5%), the Twin Cities (2.3%) and Kansas City (2.0%). Supply-burdened markets such as Austin (-5.2%), Phoenix (-3.6%), Denver and Tampa (-3.2% each), as well as Charlotte (-1.9%) continued experienced rental rate decline.
Month-over-month, national advertised rent growth stagnated, with just 9 of Matrix’s top 30 markets posting any gains. Asset class made no difference as Lifestyle and Renter-by-Necessity rents were both unchanged from January. That being said, a clearer pattern emerged in terms of strength, which coalesced around gateway metros with New York (0.9%), San Franscico (0.5%) and Chicago (0.3%) being some of the markets experiencing short-term rent growth. The Midwest also held its own, posting either modest chance or flat movement amid steady demand and limited new supply, though the region lacks factors such as strong income growth or clear return-to-office policies, which may limit its future gains. Noteworthy metros included the Twin Cities (0.2%), Kansas City (0.1%) and Detroit (0.0%).
The average national occupancy rate ticked down 40 basis points year-over-year to 94.3% in February. Approximately half of Matrix’ top 30 metros posted losses of more than 0.5%, and nearly all such markets also recorded negative rent growth. Standouts in either direction included San Francisco and Atlanta (0.2% occupancy increase each), Tampa (-1.1%), Houston and Washington, D.C. (-0.9%).
The population growth rate faces a substantial setback
One of the key drivers that increase demand is population growth. Between July 2024 and July 2025, the U.S. recorded the lowest increase in half-a-decade, with the population increasing by just 1.8 million. That figure was also below the annual average dating back to 2000. The factors depressing population growth included crackdowns on immigration, which was down by more than half year-over-year, a slowdown in domestic migration, which was below the yearly average dating back to 2000, and the number of births between 2024-25, which represented just 1.06 percent of the population, marking an all-time low. Sun Belt states, including Texas, Florida and the Carolinas, posted the highest growth in population, though the rate of expansion was modest. Moreover, metros that rely on immigration and domestic migration may risk facing a continued demand decrease.
The single-family build-to-rent rates remained unchanged month-over-month, but down 0.4% year-over-year to $2,191 in February. The average occupancy across the sector clocked in at 94.5 percent, with the rate also experiencing a similar annual compression of 0.5 percent. Meanwhile, the industry continues to find itself at a crossroads as the 21st Century ROAD to Housing Act threatens to prohibit institutional investors from acquiring SFR product. Several trade groups, such as the NRHC and NMHC, oppose the federal legislation, claiming that it may do serious harm to the sector.
Read the full Yardi Matrix Multifamily National Market Report: February 2026.
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