Multifamily Metro Reports

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

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.

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.

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.

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.

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.

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.

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.