{"id":6495,"date":"2026-10-19T07:29:28","date_gmt":"2026-10-19T07:29:28","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6495"},"modified":"2026-10-19T07:29:29","modified_gmt":"2026-10-19T07:29:29","slug":"national-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report\/","title":{"rendered":"National Multifamily Market Report \u2013 September 2026"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p><em>September ended the third quarter with a slight pullback, even as the quarter delivered its first positive result since 2022.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-highlights\">Highlights:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The average U.S. advertised asking rent fell $1 to $1,775 in September, while annual growth improved to 0.7%<\/li>\n\n\n\n<li>Third-quarter rent growth reached 0.3%, the first positive third-quarter result since 2022<\/li>\n\n\n\n<li>Matrix added total occupancy, which rose 50 basis points since January to 93.9%<\/li>\n\n\n\n<li>SFR-BTR advertised rents fell $4 to $2,245 but remained 0.8% above a year earlier<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-annual-growth-broadens-while-renewals-cool\">Annual growth broadens while renewals cool<\/h2>\n\n\n\n<p>Year-over-year rent growth improved to 0.7% in September, led by Gateway and Midwest markets. San Francisco remained well ahead of the Matrix top 30 at 7.0%, followed by New York City (3.8%), Chicago (3.2%) and Kansas City (3.1%). At the bottom were Austin (-2.5%), Houston (-2.0%), Denver (-1.6%) and Tampa (-1.4%). The advertised-rent improvement contrasts with renewals. National renewal rent growth slowed to 1.7%, far below its 8.7% peak in early 2023. San Francisco remained an exception at 8.2%, while renewal growth turned negative in Austin (-4.3%) and Phoenix (-2.4%).<\/p>\n\n\n\n<p><iframe title=\"Top 10 Markets for Rent Growth\" aria-label=\"Table\" id=\"datawrapper-chart-dXubb\" src=\"https:\/\/datawrapper.dwcdn.net\/dXubb\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"509\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">(function(){function e(){window.addEventListener(`message`,function(e){if(e.data[`datawrapper-height`]!==void 0){var t=document.querySelectorAll(`iframe`);for(var n in e.data[`datawrapper-height`])for(var r=0,i;i=t[r];r++)if(i.contentWindow===e.source){var a=e.data[`datawrapper-height`][n]+`px`;i.style.height=a}}})}e()})();<\/script><\/p>\n\n\n\n<p>September rents declined 0.1% month-over-month, reversing the quarter\u2019s positive direction, and 18 of the top 30 markets posted declines. Denver (-0.8%), Boston and New York City (-0.7% each) and Charlotte (-0.6%) recorded the largest drops. San Francisco (0.9%), Baltimore (0.8%) and Indianapolis (0.6%) led gains. Renter-by-Necessity rents rose 0.1%, while Lifestyle rents fell 0.1%.<\/p>\n\n\n\n<p>Matrix now publishes total occupancy, including properties in lease-up, alongside stabilized occupancy. Stabilized occupancy was 94.3% in August, down 30 basis points year-over-year, while total occupancy was 93.9%, up 10 basis points. The total rate has gained 50 basis points since January, narrowing the gap with stabilized occupancy to 0.4 percentage points from 0.9 percentage points at its second-quarter 2025 peak.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-new-lens-on-occupancy\">A new lens on occupancy<\/h2>\n\n\n\n<p>Total occupancy rose 1.5 percentage points since January in Austin to 91.6% and 1.4 percentage points in Denver and Nashville to 93.3%. The lowest total occupancy rates among the top 30 were Houston (91.3%), Austin (91.6%), Dallas (92.0%) and Las Vegas (92.1%).<\/p>\n\n\n\n<p>Single-family build-to-rent advertised rates fell $4 in September to $2,245, the first monthly decline since January, but annual growth improved to 0.8%. Occupancy was 94.9% in August, down 20 basis points year-over-year. Miami (6.2%), Cleveland (4.3%) and Kansas City (3.7%) led rent growth. San Antonio (-5.6%), Greenville and Houston (-2.6% each), Pensacola (-2.4%) and Phoenix (-1.8%) were weakest.<\/p>\n\n\n\n<p>Read the full Yardi Matrix Multifamily National Market Report:\u00a0<a href=\"https:\/\/www.yardimatrix.com\/multifamily-national\/matrix-multifamily-national-report-september-2026\/\" data-type=\"link\" data-id=\"https:\/\/www.yardimatrix.com\/multifamily-national\/matrix-multifamily-national-report-september-2026\/\" target=\"_blank\" rel=\"noreferrer noopener\">September 2026<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>September ended the third quarter with a slight pullback, even as the quarter delivered its first positive result since 2022. Highlights: Annual growth broadens while renewals cool Year-over-year rent growth improved to 0.7% in September, led by Gateway and Midwest markets. San Francisco remained well ahead of the Matrix top 30 at 7.0%, followed by [&hellip;]<\/p>\n","protected":false},"author":3471,"featured_media":10949,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,13,4],"tags":[519,388],"class_list":["post-6495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-multifamily-market","category-national-reports","category-real-estate-trends","tag-multifamily-outlook-2026","tag-single-family-rental-sector"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>National Multifamily Market Report | Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Get the latest national multifamily market report from Yardi Matrix to learn about market 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