Multifamily Metro Reports

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.

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.

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.

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.

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.

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%.

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.

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.

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.

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.