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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 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.
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Matrix Multifamily Kansas City Report-August 2025
Kansas City’s advertised asking rents rose by 3.1 percent YoY through June, ranking third among Yardi Matrix’s top 30 metros. Stock growth moderated swiftly by midyear to 861 units delivered, but the construction pipeline remained robust with 7,333 units underway.
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Matrix Multifamily Inland Empire Report-August 2025
Inland Empire rent movement paused on a T3 basis through June at $2,159, as deliveries totaled 2,864 units through midyear. They’re likely to reach a new peak by year’s end, but so far occupancy has remained healthy, at 95.1 percent as of May.
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Matrix Multifamily Detroit Report-August 2025
Advertised asking rents in Detroit were up 0.4 percent on a T3 basis through June, double the national average. At 2.9 percent, YoY growth was ahead of most top metros and far above the 0.9 percent national average. The metro's footprint continued to expand, with 1,200 units recently delivered and an additional 28,100 under construction.
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Matrix Multifamily Charlotte Report-August 2025
Advertised asking rents in Charlotte were up 0.1 percent on a T3 basis through June, to $1,594--10 bps below the national average. Developers brought 8,337 units online, representing 3.5 percent of existing stock and 210 bps above the national figure, with Yardi Matrix expecting 18,385 units to come online this year.
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Matrix Multifamily Baltimore Report-August 2025
Baltimore’s average advertised asking rent grew 0.3 percent on a T3 basis through June, 10 bps ahead of the U.S., to $1,760. The metro’s 30-bps YoY uptick in average occupancy, to 95.0 percent, also highlighted its resilience, staying ahead of the 94.6 percent U.S. figure.
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Matrix Multifamily Atlanta Report-August 2025
Atlanta’s advertised asking rents posted the first positive quarter in 32 months, up by 0.1 percent on a T3 basis to $1,646 in June. Occupancy marked the second-largest increase among Matrix’s top 30 metros, up 30 bps YoY to 93.1 percent in May.
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Matrix Multifamily Sacramento Report-July 2025
No new projects broke ground in Sacramento in the first five months of 2025. However, record 2024 deliveries continued to impact advertised asking rents, which were down 0.1 percent on a T3 basis, to $1,947 as of May, 40 basis points below the U.S. growth rate.
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Matrix Multifamily Washington DC Report-July 2025
Advertised asking rents in Metro D.C. increased 0.4 percent on a T3 basis through May and were up 2.2 percent on a year-over-year basis, more than double the national rate of growth. At 95.1 percent, the metro's occupancy rate also outperformed the national average, as construction starts slowed significantly, despite the pressure from incoming supply.
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Matrix Multifamily Tampa Report-July 2025
Advertised asking rents in Tampa shrank 0.1 percent on a T3 basis through May but were up 0.4 percent on a year-over-year basis. At 94.4 percent, the metro's occupancy rate was on par with the national average, even amid pressure from 4,500 recently delivered units coupled with 17,400 units under construction.