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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 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.
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Matrix Multifamily Pittsburgh Report-October 2025
Pittsburgh’s advertised asking rents were up 0.4 percent on a T3 basis through August, to $1,454. The national average inched up 0.1 percent to $1,755. All in all, the metro's fundamentals were a mixed bag: Occupancy dipped slightly, sales were sluggish, but construction starts increased compared to 2024.
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Matrix Multifamily Orange County Report-October 2025
Orange County maintained its typical mirroring of national seasonality with a two-month lag—while advertised asking rents increased by 0.3 percent on a T3 basis through August to $2,857, the U.S. rate decelerated to a 0.1 percent rate.
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Matrix Multifamily Miami Report-October 2025
Miami’s average advertised asking rates were down 0.2 percent on a T3 basis through August to $2,500. Nevertheless, the latest Matrix forecast projects metro rent growth at 0.9 percent for the year.
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Matrix Multifamily Indianapolis Report-October 2025
Indianapolis’ rents ticked up 0.1 percent on a T3 basis through August to an average of $1,307. That was on par with the U.S., though a slowdown from its spring performance. Following record-breaking supply gains last year, development moderated as well, with 4,096 units coming online YTD through August.
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Matrix Multifamily Cleveland Report-October 2025
Cleveland’s rent growth continued to improve, with the average advertised asking rate up 0.4 percent on a T3 basis through August to $1,243, 30 bps above the U.S. rate.
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Matrix Multifamily Twin Cities Report-September 2025
The average advertised asking rate in Minneapolis-St. Paul was up 0.3 percent on a T3 basis through July, to $1,590 and 10 basis points above the U.S. rate. Transaction activity also remained solid, with $589 million in assets changing hands.
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Matrix Multifamily Phoenix Report-September 2025
Phoenix’s advertised asking rents fell by 2.7 percent YoY to $1,553 in July and occupancy slid to 93.1 percent in June, as supply remained strong, with 9,850 units delivered and 32,840 underway.
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Matrix Multifamily Nashville Report-September 2025
Advertised asking rents in Nashville were up 0.1 percent on a T3 basis through July, below the national average of 0.2 percent. Developers added some 5,800 units to Nashville’s stock with another 17,500 underway, putting further strain on rent growth.
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Matrix Multifamily Knoxville Report-September 2025
Knoxville’s fundamentals are cooling but remained above the U.S. average. Rent growth surpassed the national rate by 10 basis points, up by 0.3 percent on a T3 basis to $1,508 in July. Occupancy fell 60 bps YoY but remained healthy at 95.6 percent in June.
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Matrix Multifamily Jacksonville Report-September 2025
Jacksonville’s advertised asking rents inched up 0.1 percent on a T3 basis through July, to $1,505, and the metro’s occupancy rate increased to 93.3 percent as of June. Both improvements took place despite a recent wave of robust supply, with another 14,400 units currently underway.
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Matrix Multifamily Denver Report-September 2025
Denver’s multifamily fundamentals are showing signs of strain, with rent growth down by 3.9 percent YoY to $1,885 and employment nearly flat. Continued development and weak transaction activity signal both near-term challenges and long-term investment potential.
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Matrix Multifamily Columbus Report-September 2025
The average advertised asking rate in Columbus was up 0.6 percent on a T3 basis through July, to $1,375 and 40 basis points above the U.S. rate. Completions remain low, as deliveries through the first seven months of 2025 accounted for 0.9 percent of existing stock, 70 basis points lower than the U.S. rate.
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Matrix Multifamily Chicago Report-September 2025
Chicago’s advertised asking rents were up 4.1 percent YoY through July—the highest among major U.S. markets—to an average of $2,049. Following the addition of nearly 20,000 units over the past two years, supply growth slowed, with 2,220 units completed in the first seven months of 2025.
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Matrix Multifamily Albuquerque Report-September 2025
Albuquerque’s average advertised asking rent grew 0.3 percent on a T3 basis through July, to $1,394, while the YoY figure stood at 1.8%. Following two years of solid gains, development remains elevated, with 1.7 percent of existing stock completed YTD through July.
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Matrix Multifamily Philadelphia Report-August 2025
Advertised asking rents in Philadelphia were up 0.3 percent on a T3 basis, to $1,838, 10 bps above the national average. Developers brought 2,123 units online through June, 0.6 percent of existing stock and 80 bps below the U.S. figure.
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Matrix Multifamily Las Vegas Report-August 2025
The average advertised asking rent in Las Vegas inched up by 0.1 percent on a T3 basis through June to $1,475 as developers delivered 2,397 units , a substantial level for the metro.