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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 Dallas Report-November 2024
Robust deliveries combined with the slowdown in rental activity pressured the average advertised asking rents in DFW, down 1.7 percent YoY in September to $1,541. Supply also reduced occupancy, down 30 bps during the period to 93.1 percent.
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Matrix Multifamily Twin Cities Report-January 2025
Average advertised asking rents in Minneapolis-St. Paul were down 0.2 percent on a T3 basis through November, to $1,529, mirroring the national average. Demand remained stable, with occupancy up 0.2 percent YoY to 95.2 percent.
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Matrix Multifamily Queens Report-January 2025
Queens average advertised asking rents were up 0.7 percent on a T3 basis through November, significantly ahead of the U.S., and 5.9 percent YoY, among the highest nationwide. Supply growth remained solid, with 2,337 units delivered, just 600 short of 2023’s total.
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Matrix Multifamily Phoenix Report-January 2025
The 15,703 units delivered in Phoenix in 2024 through November muted growth in average advertised asking rents, down 0.4 percent on a T3 basis to $1,564. Construction activity remained high, with 36,842 units underway, nearly half of which broke ground last year.
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Matrix Multifamily Nashville Report-January 2025
Pressured by strong stock expansion and slowing employment, Nashville’s average advertised asking rent growth lagged, down 0.5 percent on a T3 basis through November to $1,632. And while investment volume surpassed $1 billion during that period, the average price per unit was down 23.7 percent.
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Matrix Multifamily Manhattan Report-January 2025
Manhattan’s average advertised asking rents were up 0.2 percent on a T3 basis through November, to $5,023, 40 basis points above the U.S. figure, while the YoY rate stood at 5.1 percent, among the highest in the nation. Occupancy for stabilized assets was also up, by 40 bps YoY, to 98.2 percent as of October.
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Matrix Multifamily Denver Report-January 2025
Denver’s rental stock expanded by 17,020 units year-to-date through November, a new cycle high. That combined with an employment growth rate of just 0.2 percent YoY through September caused rent movement to decrease 0.8 percent on a T3 basis, trailing the U.S. rate change of -0.2 percent.
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Matrix Multifamily Chicago Report-January 2025
Average advertised asking rents in Chicago were down 0.2 percent on a T3 basis in November, in line with the national drop. At 95.7 percent, the metro’s October occupancy remained well above the national average. However, Chicago faces challenges when it comes to unemployment and job growth.
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Matrix Multifamily Charlotte Report-January 2025
Average advertised asking rents in Charlotte were down 0.4 percent on a T3 basis, to $1,577, 20 bps below the national rate. Rents were impacted by a supply boom, with 12,048 units delivered through November, 60 bps above the national rate of completions.
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Matrix Multifamily Brooklyn Report-January 2025
Brooklyn’s average advertised asking rents were down 0.2 percent on a T3 basis through November, mirroring the national shift. Occupancy in stabilized assets remained at a tight 98.6 percent as of October, despite a YoY drop of 30 bps and pressure from nearly 4,000 new units.
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Matrix Multifamily Atlanta Report-January 2025
Atlanta’s significant inventory expansion of 17,214 units year-to-date contributed to the drop in average advertised asking rents, down 0.5 percent on a T3 basis through November to $1,630. Although unchanged YoY, occupancy stood at a low 92.7 percent in October.
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Matrix Multifamily San Jose Report-December 2024
San Jose’s advertised asking rents were down 0.2 percent on a T3 basis through October, to $3,171, 10 bps below the U.S. figure. As development slowed, occupancy grew 50 bps YoY, to 96.4%.
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Matrix Multifamily Sacramento Report-December 2024
Sacramento’s advertised asking rents rose 1.6 percent YoY through October to $1,954, surpassing the 0.9 percent national increase. Occupancy was also up, gaining 60 bps YoY to a healthy 95.3 percent as of October, while the U.S. rate inched down 10 bps to 94.7 percent.
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Matrix Multifamily Philadelphia Report-December 2024
Philadelphia’s advertised asking rents were flat on a T3 basis through October, while national movement was negative. On an annual basis, the metro saw a 2.2 percent increase with further growth likely, although another 16,500 units are underway.
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Matrix Multifamily Orlando Report-December 2024
Advertised asking rents in Orlando were down 0.5 percent on a T3 basis through October, to $1,767, 40 bps below the national rate. The metro’s supply pipeline represented 3.9 percent of existing stock, a 70-bps difference compared to the U.S. rate of completions, with high incoming inventory pressuring rents.
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Matrix Multifamily Las Vegas Report-December 2024
Inventory expansion marked a new cycle high in Las Vegas, with 4,996 units delivered through October. Bucking the national trend, new construction intensified. Meanwhile, occupancy increased by a solid 100 bps YoY, to 93.7 percent.
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Matrix Multifamily Kansas City Report-December 2024
Advertised asking rents in Kansas City were up 0.2 percent on a T3 basis through October, to $1,301, while the U.S. rate dipped 0.1 percent. Construction starts in the metro slowed during the first 10 months of the year, down 55 percent compared to the same interval in 2023.
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Matrix Multifamily Inland Empire Report-December 2024
Advertised asking rents in the Inland Empire declined 0.1 percent on a T3 basis through October, but YoY rent growth remained above trend, up 1.1 percent and 20 bps above the U.S. rate. Rent growth and occupancy were boosted by limited supply, with the latter up 30 bps YoY to 95.3 percent.
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Matrix Multifamily Houston Report-December 2024
Houston’s advertised asking rents were unchanged on a T3 basis through October at $1,360, while the U.S. rate fell 10 bps. Meanwhile, the 2.3 percent employment market expansion was third highest in the nation and well ahead of the 1.4 percent U.S. rate.
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Matrix Multifamily Detroit Report-December 2024
Detroit’s advertised asking rents increased 0.2 percent on a T3 basis through October, while the national average contracted by 0.1 percent. Rent growth will likely be moderated by the 4,379 units underway, despite slowing construction starts.
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Matrix Multifamily Baltimore Report-December 2024
Baltimore’s advertised asking rents remained flat on a T3 basis through October, at $1,730, after four months of deceleration. The pace of completions slowed, with 2,126 units delivered, roughly 500 fewer than in the same interval in 2023.
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Matrix Multifamily Boston Report-November 2024
Advertised asking rents in Boston were down 0.2 percent on a T3 basis, to $2,901, 20 bps below the flat national rate. Asset prices also trended downward, to $405,304 per unit; however, that was still significantly above the $188,379 U.S. rate.
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Matrix Multifamily Austin Report-November 2024
Austin’s elevated deliveries, up by another 15,666 units year-to-date, kept rent movement negative, down 4.9 percent YoY through September to $1,614. Occupancy was also affected, down another 20 bps YoY to 93.1 percent.
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Matrix Multifamily WashingtonDC Report-November 2024
Washington, D.C.’s advertised asking rents increased 0.1 percent on a T3 basis through September to $2,216. As of August, the metro’s occupancy rate in stabilized properties rose to 95.5 percent, 70 bps above the national rate, despite pressure from the metro’s 31,000 units underway.
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Matrix Multifamily Tampa Report-November 2024
Tampa’s advertised asking rents fell 0.3 percent on a T3 basis through September to $1,789, near the U.S. average. The metro’s robust pipeline includes 23,700 units underway and more than 100,000 in the planning and permitting stages.