Sluggish seasonal bump leaves advertised rents in the red.
Highlights:
- The average U.S. advertised asking rent clocked in at $1,758 in April, down 0.2% year-over-year.
- Conversely, advertised asking rents were up 0.2% month-over-year, with more than two-thirds of Matrix’s top 30 markets experiencing growth.
- Rates were up 0.4 percent during 2026’s first four months, substantially below historical norms.
- SFR-BTR average advertised rents decreased 0.5% year-over-year to $2,211 in April.
Late spring catches multifamily rates in the negative
The national multifamily average advertised asking rent increased $4 in April to $1,758, a figure 0.2% lower than the one registered one year ago, but also 0.2% higher than the March reading. This year’s seasonal gain was just 0.4% during 2026’s first four months, about one-third of the average growth recorded during the same period of 2012 and 2019. Gateway and Midwest metros had the largest year-over-year rent increase, with New York leading the way (4.8%), followed by San Francisco (4.1%), Chicago (3.3%) and the Twin Cities (2.4%). A significant portion of the supply-heavy markets continued experiencing rental contraction, including Austin (-4.3%), Denver (-3.6%), Tampa (-3.4%) and Phoenix (-2.7%), as well as Raleigh (-2.0%).
Lifestyle properties contributed significantly to the multifamily market’s short-term growth. Advertised asking rents across such communities increased by 2.5% in New York, 0.9% in Chicago, as well as 0.4% in Nashville. The seasonal bump was felt across several high-supply markets, including Miami, Phoenix and Raleigh (0.3% each), but also Denver (0.2%), Nashville and Dallas (0.1% each). Still, the increase didn’t permeate throughout Matrix’s top 30 markets, though it did dominate across more than two-thirds of metros. Metros bucking this trend consisted of Charlotte and San Diego (-0.4% each), Houston, Las Vegas and Austin (-0.2% each).
The national average occupancy rate stood at 94.2% in March, down 0.5% year-over-year. Of the Matrix top 30 markets, San Francisco was the sole metro that tightened, with its figure increasing 0.2%. The remainder recorded declines, most being more than 50 basis points. Some of the steepest drops occurred in Tampa (-1.3%), Houston and Washington, D.C. (-1.0% each). Occupancy rates were lowest across Texas, where Houston, Austin and Dallas were below the 92.5% threshold.
Opportunities still abound for savvy investors and developers
Although this seasonal cycle doesn’t rise to the increases recorded in previous years, there are still plenty of opportunities to be had. Each market may still include outperforming pockets on account of favorable local supply-demand dynamics. Another option could arise for opportunistic investors seeking to capitalize on underperforming assets with debt that lenders might try to clear of their books. Lastly, owners may seek adjustments to their operating expenses, which have already increased by an average of 30% across the past half-decade.
The single-family build-to-rent rates ticked up $7 to $2,211 in April, down 0.5% year-over-year. Occupancy rates across the sector were likewise down 0.5% on an annual basis, at 94.5% in March. Early signs of the 21st Century ROAD to Housing Act’s impact on the BTR market can be observed across Houston, where developers began pausing projects, effectively stalling construction, according to the Houston Chronicle. Analysts believe the legislation may have the same effect at a wider scale across the country, potentially reducing BTR activity by up to 60%.
Read the full Yardi Matrix Multifamily National Market Report: April 2026.
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