Multifamily Metro Reports

Matrix Multifamily Indianapolis Report-April 2025

Indy ended 2024 with solid supply growth, as developers brought 5,958 units online, breaking the previous record. Advertised asking rents started regaining momentum, up 0.2 percent on a T3 basis through February, to $1,295, while the YoY figure stood at 3.2 percent.

Matrix Multifamily Columbus Report-April 2025

Advertised asking rents in Columbus were up 0.4 percent on a T3 basis through February, to $1,337, outperforming the national figure by 40 basis points. The metro registered solid occupancy levels at 94.6 percent, despite a 20-basis-point decrease YoY.

Matrix Multifamily Cleveland Report-April 2025

Cleveland’s advertised asking rents climbed 0.3 percent on a T3 basis through February, while the national average was flat. On an annual basis, rent growth was more than triple the national average. However, employment growth is struggling and construction activity has slowed.

Matrix Multifamily Albuquerque Report-April 2025

Albuquerque’s advertised asking rents slid 0.1 percent on a T3 basis through February to $1,364 but were up 2.9 percent YoY, outperforming the 1.2 percent U.S. average. Meanwhile, investment dropped to the lowest level in a decade.

Matrix Multifamily San Jose Report-March 2025

San Jose’s advertised asking rents contracted for the fourth consecutive month., The 0.3 percent decrease on a T3 basis through January, to $3,145, was 20 bps more than the U.S. rate’s fall. Supply trends remained solid, with 4,592 units completed last year.

Matrix Multifamily Sacramento Report-March 2025

Sacramento’s advertised asking rents dipped 0.3 percent on a T3 basis through January to $1,941, following 11 months of steady increases. In the meantime, the occupancy rate rose 20 bps YoY to 95.0 percent.

Matrix Multifamily Orlando Report-March 2025

Advertised asking rent was down 0.3 percent on a T3 basis through January, to $1,755, while the U.S. average was down 0.1 percent. Construction starts increased 17.1 percent in 2024, with 16,562 units delivered last year.

Matrix Multifamily Kansas City Report-March 2025

Kansas City was among the strongest-performing metros YoY in January, with its 3.9 percent growth outpacing U.S. rent gains. Amid steady deliveries, occupancy was at 94.6 percent as of December, on par with the national average.

Matrix Multifamily Inland Empire Report-March 2025

The Inland Empire’s advertised asking rents decreased 0.5 percent on a T3 basis through January to $2,112, down 0.4 percent on a YoY basis. Occupancy endured, unchanged YoY at 95.1 percent as of January.

Matrix Multifamily Houston Report-March 2025

Advertised asking rents in Houston were flat on a T3 basis through January, to $1,364, while the national average slid 10 bps . The metro’s occupancy level remained unchanged YoY at 92.6 percent, showcasing an overall holding pattern.

Matrix Multifamily Detroit Report-March 2025

Detroit’s advertised asking rents increased 0.2 percent on a T3 basis through January. On a YoY basis, it was among the strongest-performing metros, at 4.1 percent growth, only surpassed by New York City and New Jersey.

Matrix Multifamily Dallas Report-March 2025

DFW deliveries marked a new cycle high in 2024, pressuring rent growth, which was down 0.4 percent on a T3 basis through January, to $1,518. Meanwhile, the occupancy rate sank below 93.0 percent.

Matrix Multifamily Baltimore Report-March 2025

Baltimore began 2025 on a slight uptick, with advertised asking rents up 0.1 percent on a T3 basis through January, to $1,736, while the U.S. rate fell 0.1 percent. Investment activity picked up as well, with $1 billion in assets trading last year.

Matrix Multifamily Austin Report-March 2025

Austin’s advertised asking rents fell 0.7 percent on a T3 basis through January, and 5.4 percent YoY to $1,554. Rent growth will likely remain subdued by supply expansion, with 2,353 units amassed in January, mirroring other Texas metros.

Matrix Multifamily Tampa Report-February 2025

Advertised asking rents in Tampa were up 0.2 percent on a T3 basis through December, to $1,804, while U.S rates were down 0.2 percent. The metro's demand was visible, as occupancy rates increased 30 basis points to 94.5 percent in the 12 months ending in November.

Matrix Multifamily Washington DC Report-February 2025

Metro D.C.'s average advertised asking rents ticked down just 0.1 percent on a T3 basis through December, while the YoY rate stood at a solid 2.8 percent, well ahead of the U.S. Bucking the national trend, supply expansion remained on par with previous years, with 12,372 units completed in 2024.

Matrix Multifamily Seattle Report-February 2025

Seattle's advertised asking rents were down 0.2 percent on a T3 basis through December, but YoY gains were a much stronger 1.8 percent, well above the 0.6 percent U.S. rate. And despite a high delivery volume, occupancy rose to 95.4 percent in November.

Matrix Multifamily San Francisco Report-February 2025

Advertised asking rents fell on both a T3 and a YoY basis as of December, dropping 0.4 percent and 0.5 percent, respectively. Both figures underperformed the national average. While Lifestyle accounted for 75 percent of 2024 deliveries, 51.5 percent of the units underway in December were in fully affordable projects.

Matrix Multifamily San Diego Report-February 2025

San Diego advertised asking rents dipped 0.1 percent on a T3 basis through December, to $2,744, 10 bps ahead of the national figure. Development returned to average levels, with 4,610 units completed last year—600 more than the annual average since 2017.

Matrix Multifamily Raleigh Report-February 2025

Advertised asking rents in Raleigh-Durham were down 0.6 percent on a T3 basis through December, triple the nation's 0.2 percent decrease. The metro faced challenges due to unprecedented deliveries and a robust development pipeline, with more than 20,000 units under construction.

Matrix Multifamily Portland Report-February 2025

Advertised asking rents in Portland contracted by 0.5 percent on a T3 basis through December, a slightly steeper drop than the national decline of 0.2 percent. November occupancy remained above the national average, despite robust deliveries and an under-construction pipeline of 8,700 units.

Matrix Multifamily Miami Report-February 2025

Advertised asking rents in South Florida were down 0.2 percent on a T3 basis through December, to $2,477. This mirrored national trends and reflected last year's delivery of 15,249 units, which accounted for 4.1 percent of existing stock.

Matrix Multifamily Los Angeles Report-February 2025

Advertised asking rents rose 0.4 percent YoY through December to $2,619, just 20 bps short of the U.S. rate, helped by strong job growth. Metro employment increased 1.4 percent YoY through November, outperforming the nation.

Matrix Multifamily Boston Report-February 2025

While on a T3 basis Boston's advertised asking rents fell 0.7 percent to $2,836, on a YoY basis the rate was up 1.2 percent, double the 0.6 percent national average. Scarce inventory expansion sustained occupancy, up 10 bps YoY to 96.5 percent in November.

Matrix Multifamily WashingtonDC Report-February 2025