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Multifamily Metro Reports
Information is developed through a combination of original research studies, and reference to secondary sources. Our manner of resourcing and compiling information is defined within this section.
Multifamily Metro Reports
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Matrix Multifamily Washington DC Report-July 2026
The average advertised asking rent in D.C. was up 0.3 percent on a T3 basis through May, to $2,227. That was on par with the U.S. growth rate. The metro's struggling employment sector contrasted with strong development, with 21,000 units under construction and another 235,000 units in the planning and permitting stages.
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Matrix Multifamily Tampa Report-July 2026
Tampa’s advertised asking rents inched up 0.1 percent on a T3 basis through May, surpassed by the nation's 0.3 percent rise. The metro’s robust construction pipeline, including around 16,100 units under construction, continued to weigh on the fundamentals.
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Matrix Multifamily Seattle Report-July 2026
The average advertised asking rent was $2,226 through May, marking a 0.2 percent increase on a T3 basis that was 10 bps below the U.S. average. In the first five months of 2026, Seattle developers added 1,932 units, which amounted to 0.6 percent of existing stock, 10 bps behind the national rate of completions.
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Matrix Multifamily San Jose Report-July 2026
After 2025-s ended sluggishly, the 2026 spring leasing season revitalized the market’s fundamentals, with advertised asking rents up 0.8 percent on a T3 basis through May, to $3,414, 50 bps ahead of the U.S. average. Following two solid years of supply expansion, development moderated, with just 283 units coming online in the first five months.
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Matrix Multifamily San Francisco Report-July 2026
Rent growth accelerated in the metro, with the T3 rate clocking in at 0.8 percent in May, to an average of $3,019, 50 bps ahead of the U.S. average. YoY growth reached 4.5%, placing San Francisco at the top of the list of 30 major metros tracked by Yardi Matrix. Supply began to slow, with just 832 units completed in the first five months.
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Matrix Multifamily Sacramento Report-July 2026
Sacramento advertised asking rents maintained a 0.4 percent T3 gain through May, but remained down 0.5 percent YoY to $1,961, as the U.S. average rose 0.2 percent to $1,767. Occupancy slipped 40 bps to 94.8 percent, still above the U.S. rate.
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Matrix Multifamily Orlando Report-July 2026
The average advertised asking rent was $1,767 through May, marking a 0.2 percent increase on a T3 basis that was 10 bps below the U.S. average. Transactions totaled only $347 million during the first five months of 2026, with an average per-unit price of $174,502.
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Matrix Multifamily Houston Report-July 2026
Houston advertised asking rents inched up 0.1 percent on a T3 basis through May to $1,359, the first gain since May 2025, but fell 1.2 percent YoY. Meanwhile, occupancy dropped 110 bps YoY to 91.6 percent in April.
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Matrix Multifamily Dallas Report-July 2026
DFW employment growth rose 0.7 percent YoY through February, ranking it fifth among Yardi Matrix’s top 30 metros. Still, elevated supply kept advertised asking rents down 1.6 percent YoY through May to $1,524 and occupancy down 70 bps to 92.3 percent in April.
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Matrix Multifamily Austin Report-July 2026
Austin advertised asking rents improved this spring, rising 0.4 percent on a T3 basis through May to $1,508. But its 3.7 percent drop YoY ranked it last nationally. Meanwhile, employment growth held at 1.3 percent, the second-highest rate among top metros.
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Matrix Multifamily San Diego Report-June 2026
The metro weathered economic pressure coming out of the first quarter, with advertised asking rents sliding 0.1% on a T3 basis through April, to an average of $2,718, 30 bps below the U.S. A total of 2,204 units were delivered during this period. Together with the 6,180 completed last year, this volume diluted occupancy, which ticked down to 95.9% in March.
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Matrix Multifamily Raleigh Report-June 2026
The average advertised asking rent in Raleigh-Durham was up 0.1 percent on a T3 basis as of April, to $1,539, 10 bps lower than the national average. Developers brought 2,157 units online in the first four months of 2026, accounting for 1.0 percent of existing stock and 50 bps above the U.S. figure.
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Matrix Multifamily Portland Report-June 2026
Portland’s advertised asking rents were flat on a T3 basis through April, an improvement over the first quarter, while occupancies loosened slightly but outperformed the U.S. average at 94.5 percent. However, the metro’s multifamily market still has to contend with a weak economy and 4,400 units under construction, with many more in the pipeline.
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Matrix Multifamily Phoenix Report-June 2026
Phoenix advertised asking rents rose 0.2 percent on a T3 basis through April to $1,528, the first increase since May 2024. Elevated supply kept rents down 2.7 percent YoY and pulled occupancy 20 bps lower to 93.0 percent in March.
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Matrix Multifamily Nashville Report-June 2026
Following winter declines, Nashville advertised asking rents rose 0.1 percent on a T3 basis through April to $1,663, though they remained down 1.3 percent YoY. Occupancy slipped 40 bps YoY to 93.6 percent in March amid elevated supply.
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Matrix Multifamily Miami Report-June 2026
The average advertised asking rent was $2,526 through April, marking a 0.2 percent increase on a T3 basis, mirroring the national trend. South Florida developers added 2,649 units, or 0.7 percent of existing stock, in the first four months of 2026, outpacing the U.S. by 20 bps.
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Matrix Multifamily Los Angeles Report-June 2026
Advertised asking rents slightly recovered in L.A., ticking up 0.1 percent on a T3 basis through April to an average of $2,639, on the heels of five months of contractions. Following three years of solid supply growth, the average occupancy slid 30 bps, to 95.7 percent, but remained above the U.S. average.
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Matrix Multifamily Denver Report-June 2026
Denver advertised asking rents fell 3.6 percent YoY through April to $1,821, the second-steepest decline among Yardi Matrix’s top 30 metros. Occupancy slipped 90 bps YoY to 93.2 percent in March, even as starts moderated.
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Matrix Multifamily Chicago Report-June 2026
Chicago’s advertised asking rents rose 3.3 percent YoY through April to $2,080, ranking it among the top three major U.S. markets. Transaction activity also picked up, totaling $1.8 billion during the first four months of 2026. If this trend continues, sales volume could exceed last year’s $4 billion.
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Matrix Multifamily Boston Report-June 2026
Modest deliveries through April and the seasonal pattern helped restrain Boston’s rent decline, with advertised asking rents down 0.6 percent YoY through April to $2,876, while occupancy stayed healthy at 95.6 percent in March despite a 70 bps YoY drop.
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Matrix Multifamily Twin Cities Report-May 2026
Twin Cities advertised asking rents rose 2.5 percent YoY through March to $1,621, ranking the metro fourth among the Yardi Matrix top 30. Meanwhile, occupancy slipped 10 bps YoY to 95.2 percent in February.
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Matrix Multifamily St Louis Report-May 2026
St. Louis closed the year’s first quarter with rent growth that outpaced the U.S. average, as advertised asking rents increased 0.3 percent on a T3 basis compared with 0.1 percent nationally. This performance came even as the metro’s pipeline remained robust, with some 4,700 units under construction and another 21,000 moving through the planning and permitting stages.
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Matrix Multifamily San Antonio Report-May 2026
Elevated deliveries weighed down fundamentals in San Antonio. Advertised asking rents fell 2.8 percent YoY through March to $1,232, while the U.S. rate rose 0.1 percent; the metro’s occupancy dropped 90 bps to 89.8 percent in February.
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Matrix Multifamily Philadelphia Report-May 2026
The average advertised asking rent was up 0.3% on a T3 basis through March, to $1,852, 20 bps above movement in the national rate. The market’s overall occupancy for stabilized properties remained healthy, despite a 10 bps drop to 95.4%.
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Matrix Multifamily Manhattan Report-May 2026
Although fundamentals softened slightly, advertised asking rent growth picked back up after the winter season, rising 0.6% on a T3 basis through March to $5,479. YoY growth was 4.2%, topping nearly all major metros. Supply maintained momentum, with 16,559 units under construction, a large number via conversions.