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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 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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.