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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 San Jose Report-December 2025
San Jose investment volume reached $1.5 billion YTD through October, already exceeding every previous year of the decade and signaling heightened confidence in the market’s performance. On the other hand, rents slid 10 bps on a T3 basis through October, to $3,310.
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Matrix Multifamily Sacramento Report-December 2025
Average advertised asking rents were down 0.2 percent on a T3 basis through October, to $1,959, mirroring national trends. Developers delivered 4,662 units through October, 3.2 percent of stock and 60 bps above the national rate.
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Matrix Multifamily Philadelphia Report-December 2025
Average advertised asking rents were up a modest 0.1 percent on a T3 basis through October, to $1,840 and 30 bps above the national average. Developers completed 6,065 units across the metro in the first 10 months of the year, 1.6 percent of existing stock.
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Matrix Multifamily Orlando Report-December 2025
Orlando’s advertised asking rents fell 0.4 percent on a T3 basis through October, a sharper drop than the national 0.2 percent contraction. As of October, the metro had gained more than 11,800 units, construction starts had increased and developers had close to 20,000 units underway.
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Matrix Multifamily Las Vegas Report-December 2025
Las Vegas advertised asking rents fell 1.7 percent YoY through October, while U.S. rates rose 0.5 percent. Occupancy increased 10 bps YoY to 93.8 percent in September amid moderating deliveries and slower construction starts.
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Matrix Multifamily Kansas City Report-December 2025
Kansas City advertised asking rents rose 2.4 percent YoY through October, well ahead of the 0.5 percent U.S. rate. Amid softer deliveries and mixed employment, occupancy rose 10 bps YoY to 94.8 percent in September.
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Matrix Multifamily Inland Empire Report-December 2025
Despite elevated deliveries, T3 rents stayed flat through October while advertised asking rents climbed 1.7 percent YoY to $2,165. Occupancy ticked up 10 bps YoY to 95.4 percent in September.
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Matrix Multifamily Houston Report-December 2025
Houston’s advertised asking rents declined 0.5 percent YoY through October to $1,361, while the U.S. rate rose 0.5 percent to $1,743. Occupancy fell 10 bps YoY to 92.6 percent in September amid moderating deliveries.
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Matrix Multifamily Detroit Report-December 2025
Detroit’s advertised asking rents were flat on a T3 basis through October, while the U.S. average edged down 0.2 percent. YoY growth hit 1.9 percent, topping most major metros and more than triple the national rate. Developers added more than 1,500 units, with 3,700 more underway.
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Matrix Multifamily Baltimore Report-December 2025
Advertised asking rents decelerated in Baltimore, ticking down 0.1 percent on a T3 basis through October—10 bps ahead of the national figure—to an average of $1,752, after modest gains throughout the year. Following 8,000 units added over two years, new construction moderated to just 2,972 units coming online YTD through October.
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Matrix Multifamily Washington DC Report-November 2025
The average advertised asking rent in the nation’s capital was down 0.3 percent on a T3 basis through September, to $2,227. That was also 20 bps below the U.S. average. Transaction volume remained moderate, with 32 assets accounting for $1.9 billion changing hands through September.
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Matrix Multifamily Tampa Report-November 2025
Tampa’s advertised asking rents dropped 0.6 percent on a T3 basis through September, marking a steeper fall than the national 0.1 percent dip. But the metro benefited from an improving job market, a robust construction pipeline
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Matrix Multifamily Seattle Report-November 2025
Seattle’s advertised asking rents dipped 0.3 percent on a T3 basis to $2,231 in September, underperforming the national rate, which was down 10 basis points to $1,750. As construction starts eased, occupancy gained 10 bps YoY, reaching 95.5 percent in August.
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Matrix Multifamily San Francisco Report-November 2025
Advertised asking rents in San Francisco were up 0.2 percent on a T3 basis through September, cooler than previous months but still above the U.S. average. Investors’ appetite grew again, with $1.8 billion in assets trading, up 55.6 percent YoY.
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Matrix Multifamily San Diego Report-November 2025
San Diego advertised asking rents continued to decelerate, down 0.2 percent on a T3 basis through September to $2,732, in response to the previous two years’ robust supply gains coupled with seasonal trends. Occupancy remained high, at 96.3 percent in August, 160 bps above the U.S. rate.
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Matrix Multifamily Raleigh Report-November 2025
Raleigh-Durham's average advertised asking rent was down 0.3 percent on a T3 basis in September, to $1,553, with declines expected to continue as the year comes to its end.
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Matrix Multifamily Los Angeles Report-November 2025
Los Angeles' advertised asking rents were flat on a T3 basis through September. Occupancy was also unchanged, at 96.0 percent as of August, although it remained well above the U.S. average of 94.7 percent. Despite a shaky local economy, with only four sectors driving employment, L.A. had strong sales totaling $1.4 billion as well as developers moving forward with 25,700 units.
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Matrix Multifamily Dallas Report-November 2025
Dallas-Fort Worth advertised asking rents declined 1.9 percent YoY through September, while the U.S. rate rose 0.6 percent. Occupancy increased 10 bps YoY to 93.1 percent in August amid moderating deliveries and softer investment activity.
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Matrix Multifamily Boston Report-November 2025
Boston’s multifamily fundamentals slowed coming out of the late leasing season, but rent growth outpaced the U.S. rate by 90 bps YoY, rising 1.5% to $2,942 as of September. Occupancy remained healthy at 96.2 percent in August, but that marked a 40 bps slide over the previous year.
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Matrix Multifamily Austin Report-November 2025
With completions hitting 6.0 percent of stock during the first three quarters of 2025, Austin’s advertised asking rents continued to decline, down 4.0 percent YoY to $1,542 as of September, while occupancy slid 10 bps YoY to 92.8 percent as of August.
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Matrix Multifamily St Louis Report-October 2025
St. Louis led the U.S. in rent growth, up 2.1 percent YoY to $1,312, well above the 0.7 percent U.S. increase. Supply growth eased, but the construction pipeline remained stable, while occupancy remained at 93.4 percent in July.
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Matrix Multifamily San Antonio Report-October 2025
San Antonio’s rent growth matched the national average, inching up 0.1 percent on a T3 basis to $1,264 in August, but lagged YoY, down by 60 bps. Employment gains outperformed the 0.8 percent U.S. rate, up 1.9 percent YoY through June.
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Matrix Multifamily Salt Lake City Report-October 2025
Salt Lake City’s advertised asking rents stayed flat on a T3 basis through August at $1,556, while deliveries continued their strong pace, up 5.2 percent YTD, well above the 1.9 percent U.S. rate.
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Matrix Multifamily Richmond Report-October 2025
Advertised asking rents in Richmond were up 0.2 percent on a T3 basis through August, to an average of $1,592, which was just 10 bps ahead of the nation. Supply growth slowed to a level closer to historic averages, with 4,346 units coming online in 2025’s first eight months.
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Matrix Multifamily Portland Report-October 2025
Portland’s advertised asking rents were up 0.1 percent on a T3 basis through August, akin to the U.S. average. All in all, the metro's core metrics painted a varied picture, with a shaky local economy but strong sales totaling $720 million and developers pushing ahead with 5,700 units underway.