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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 Seattle Report-July 2025
Seattle’s advertised asking rents rose by 0.5 percent on a T3 basis through May to $2,246, outperforming the 0.3 percent U.S. rate, while occupancy remained at a healthy 95.1 percent in April, following a 30 bps YoY decline. The pace and prices of transactions also increased.
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Matrix Multifamily San Jose Report-July 2025
Advertised asking rents in San Jose were up 0.6 percent on a T3 basis through May, to an average of $3,259, outpacing the nation by 30 bps. Supply growth returned closer to historic averages, with 1,597 units coming online in the first five months.
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Matrix Multifamily San Francisco Report-July 2025
San Francisco’s average advertised asking rent grew 0.5 percent on a T3 basis through May, to $2,880, 20 bps above the U.S. average. Despite a strong 2024 for new supply, the metro’s occupancy inched up 10 bps, to 95.4 percent in April.
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Matrix Multifamily Houston Report-July 2025
Houston’s advertised asking rents rose by 0.2 percent on a T3 basis through May to $1,371, trailing the U.S. rate, which rose 0.3 percent to $1,761. With occupancy low at 92.6 percent in April and delivery pace expected to rise, new construction has moderated.
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Matrix Multifamily Dallas Report-July 2025
Advertised asking rents finally rose on a T3 basis in Dallas, although they remained negative YoY, down 1.5 percent to $1,528 in May. Occupancy declined by 50 bps YoY to 92.6 percent in April, as deliveries and new construction moderated.
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Matrix Multifamily Austin Report-July 2025
Austin’s advertised asking rents stabilized on a T3 basis for the first time in nearly two years, although they remained down a steep 5.2 percent YoY at $1,554 in May. It helped that the metro’s boasts among the best employment growth in the U.S., although deliveries in May were also well above the nation.
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Matrix Multifamily Orlando Report-July 2025
Advertised asking rents in Orlando were up 0.1 percent on a T3 basis through May, to $1,772, the first improvement in nine months. Rates remained down YoY, though, as the metro delivered a whopping 5,619 units in the first five months of this year, double the national figure.
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Matrix Multifamily National Report-June 2025
Multifamily rents maintained a tepid growth rate in June, with strong demand counterbalanced by high deliveries in the Sun Belt and ongoing uncertainty about the economy. The latest Yardi Matri monthly report also examines how above-trend rent gains in recent years are affecting affordability.
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Matrix Multifamily San Diego Report-June 2025
San Diego’s rent growth rose just 0.1 percent YoY, to $2,741, in April well below the 0.9 percent U.S. rate. Occupancy also inched up 0.1 percent YoY, to 96.2 percent as of March.
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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.