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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 Raleigh Report-June 2025
Advertised asking rents in the Research Triangle increased 0.5 percent on a T3 basis through April but were down 0.6 percent on an annual basis. The metro's occupancy rate, at 93.5 percent, was well below the national average of 94.4 percent. Recent deliveries accounted for 1.9 percent of existing stock, more than double the national rate of completions.
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Matrix Multifamily Portland Report-June 2025
Advertised asking rents in Portland were up 0.1 percent on a T3 basis through April, to $1,759, 10 bps below the U.S. figure. Developers brought online just 1,806 units, or 0.9 percent of existing stock, through April, with construction starts in the first four months of 2024 also decreasing by 70 percent compared to last year.
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Matrix Multifamily Phoenix Report-June 2025
Robust stock expansion pressured both occupancy—down 0.4 percent YoY to 93 percent in March—and rent performance, down by 3.1 percent YoY through April to $1,550. While the pipeline was solid as of April, new construction has dwindled.
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Matrix Multifamily Nashville Report-June 2025
Last year’s supply peak pressured occupancy, with the rate dropping to 93.6 percent in March, the lowest level in more than a decade. However, advertised asking rents rose 0.2 percent on a T3 basis through April to $1,656.
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Matrix Multifamily Miami Report-June 2025
Advertised asking rents in South Florida were up 0.1 percent on a T3 basis through April, to $2,500, 10 bps below the U.S. figure. Occupancy rates in stabilized properties decreased to 95.4 percent, down 10 bps but still above the nation’s 94.4 percent average.
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Matrix Multifamily Los Angeles Report-June 2025
Los Angeles’ advertised asking rents rose by 0.2 percent on a T3 basis through April—on par with the nation—and YOY performance outpaced U.S. growth at 1.1%. Occupancy ticked up to 96.0 percent as of March, solid despite four years of strong supply.
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Matrix Multifamily Denver Report-June 2025
Advertised asking rents in Denver contracted 0.1 percent on a T3 basis through April, while the national average was up 0.2 percent. The metro's occupancy rate slid to 93.7 percent in March, below the nation’s 94.4 percent. Challenges included both ample new stock and an economy at a low point.
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Matrix Multifamily Chicago Report-June 2025
Chicago’s multifamily market began 2025 on a positive note, with advertised asking rents up 0.5 percent on a T3 basis through April, ahead of the 0.2 percent U.S. average. It helped that construction starts were down by a quarter, after two years of solid supply growth.
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Matrix Multifamily Boston Report-June 2025
Boston’s advertised asking rents rose by 1.8 percent YoY to $2,924 in April, double the U.S. growth rate of 0.9 percent to well above the U.S. rent average of $1,736. The metro’s occupancy rate in stabilized properties fell by 30 bps YoY but remained robust at 96.1 percent in March.
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Matrix Multifamily Twin Cities Report-May 2025
Advertised asking rents in Minneapolis-St. Paul were up 0.4 percent on a T3 basis through March, to $1,568, outperforming the national figure by 30 basis points. Transaction activity remained solid, recording $370 million in assets changing hands in the first quarter of 2025.
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Matrix Multifamily St Louis Report-May 2025
Advertised asking rents in St. Louis rose 0.2 percent on a T3 basis through March to $1,285, amid the large supply wave that last year reached a new high. Meanwhile, occupancy decreased 30 bps YoY to 93.2 percent in February.
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Matrix Multifamily San Antonio Report-May 2025
San Antonio’s advertised asking rents inched up 0.1 percent on a T3 basis through March to $1,254, marking the first uptick in nine months. Meanwhile, the occupancy rate dropped 60 bps YoY to 90.8 percent in February.
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Matrix Multifamily Queens Report-May 2025
Advertised asking rents in the borough increased 0.4 percent on a T3 basis through March, while the national average inched up 0.1 percent. Queens’ occupancy rate was at a remarkable 98.4 percent as of February, well above the national average of 94.5 percent despite a strong pipeline with more than 12,000 units underway.
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Matrix Multifamily Philadelphia Report-May 2025
Philly’s fundamentals improved in early 2025, with advertised asking rents up 0.4 percent on a T3 basis through March, to $1,821, 30 basis points ahead of the U.S. average. Developers completed 8,470 units in 2024, marking the best year for deliveries over an eight-year period.
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Matrix Multifamily Manhattan Report-May 2025
Manhattan closed the first quarter with accelerating growth for advertised asking rents, up 0.6 percent on a T3 basis through March, to $5,116, outpacing the 0.1 percent national figure. Meanwhile, occupancy grew to a whopping 98.1 percent in February.
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Matrix Multifamily Las Vegas Report-May 2025
Construction activity remained high in Las Vegas, with 1,142 units delivered in Q1 and 8,400 units underway as of March. Rent growth rebounded, up 0.2 percent on a T3 basis through March to $1,476, while occupancy increased 30 bps YoY to 93.5 percent in February.
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Matrix Multifamily Charlotte Report-May 2025
Advertised asking rents in Charlotte were up 0.3 percent on a T3 basis through March, to $1,600, outperforming the national figure by 20 bps. Deliveries in the first quarter totaled 2,469 units, accounting for 0.8 percent of existing stock, while construction starts dwindled significantly compared to the same period last year.
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Matrix Multifamily Brooklyn Report-May 2025
Advertised asking rents in the borough increased 0.5 percent on a T3 basis through March, while the national average was up only 0.1 percent. Brooklyn’s occupancy rate was at a tight 98.8 percent as of February, well above the national average of 94.5 percent. The borough's under-construction pipeline had more units underway than Queens and Manhattan combined.
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Matrix Multifamily Atlanta Report-May 2025
The average advertised asking rent in Atlanta remained unchanged on a T3 basis through March at $1,637, while the YoY performance stayed negative, down 1.6 percent. Despite the low occupancy, at 92.5 percent in February, construction activity intensified.
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Matrix Multifamily Salt Lake City Report-April 2025
Salt Lake City’s construction activity intensified, with nearly half of the 19,639 units underway in February having broken ground in 2024 or early 2025. Rent growth bore the brunt of stock expansion, falling 1.2 percent YoY to $1,538.
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Matrix Multifamily Richmond Report-April 2025
Richmond’s advertised asking rents remained flat on a T3 basis through February—on par with the nation—but its other fundamentals signaled a solid start. Last year was the second best for supply growth since 2017, with 6,755 units added, while occupancy ticked up 20 bps YoY, to 95.0 percent.
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Matrix Multifamily Pittsburgh Report-April 2025
Advertised asking rents in Pittsburgh were up 0.3 percent on a T3 basis through February, to $1,405, outperforming the nation by 30 basis points. Transaction activity in 2024, at $277 million, doubled the previous year and surpassed the average volume for 2017 to 2023, but this year has begun slowly.
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Matrix Multifamily Orange County Report-April 2025
Despite limited supply growth in 2024, advertised asking rents fell 0.2 percent on a T3 basis through February to $2,821. Meanwhile, the occupancy rate in stabilized properties slid 10 bps YoY to 96.7 percent.
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Matrix Multifamily Knoxville Report-April 2025
Knoxville’s supply growth slowed occupancy, impacting rental rates. Advertised asking rents were down 0.3 percent on a T3 basis through February to $1,460, with the occupancy rate in stabilized properties down 0.7 percent YoY to 95.7 percent.
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Matrix Multifamily Jacksonville Report-April 2025
Fundamentals were pressured by the sustained influx of high incoming supply in Jacksonville. Advertised asking rents stagnated on a T3 basis through February, in line with national rates, while YoY the gap was significant, with local rates down 1.7 percent as the U.S. average rose 1.2 percent.