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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 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.
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Matrix Multifamily Las Vegas Report-May 2026
Las Vegas advertised asking rents fell 1.3 percent YoY through March to $1,468, while the U.S. average rose 0.1 percent to $1,750. Occupancy fell 70 bps YoY to 92.8 percent in February after two strong years of supply growth.
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Matrix Multifamily Charlotte Report-May 2026
The average advertised asking rent was up 0.1 percent on a T3 basis through March, to $1,581, mirroring the growth in the national average. The metro’s deliveries expanded significantly last year, with 18,436 units completed, accounting for 7.4% of existing stock and marking the largest number of completions in Charlotte in the last five years.
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Matrix Multifamily Atlanta Report-May 2026
Atlanta advertised asking rents fell 0.9 percent YoY through March to $1,634, while the U.S. average rose 0.1 percent. Atlanta was one of two top 30 Yardi Matrix metros to post gains in occupancy, rising 20 bps YoY to 93.3 percent in February.
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Matrix Multifamily Orange County Report-April 2026
Orange County advertised asking rents rose 1.4 percent YoY through February, well ahead of the 0.1 percent U.S. average. Limited supply growth and major healthcare investments kept fundamentals steady and occupancy at 96.5 percent.
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Matrix Multifamily Salt Lake City Report-April 2026
Advertised asking rents were down 0.4% on a trailing T3 basis through February, to $1,525, while the national average slid 0.1%. In 2025, developers completed 9,430 units, comprising 6.7% of existing stock and a whopping 350 bps above the U.S. figure.
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Matrix Multifamily Richmond Report-April 2026
Richmond ended the winter rental season with an advertised asking rent uptick of 0.4 percent on a T3 basis through February, reaching an average of $1,619, 50 bps above the U.S. figure. This was despite strong supply growth, as developers added nearly 6,100 units in 2025, above the decade’s annual average.
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Matrix Multifamily Pittsburgh Report-April 2026
Pittsburgh advertised asking rents slid 0.1 percent on a T3 basis to $1,444 through February, on par with the U.S., while on a YoY basis it rose a solid 1.5 percent. Supply growth decreased in 2025, with 1,067 units added, but was still on par with historic performance as the market readjusted following a 2024 expansion.