archive
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
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.