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Multifamily National 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 National Reports
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Matrix Multifamily National Report-June 2026
Multifamily advertised rents grew slowly in the first half of 2026, but that’s not stopping investors from allotting capital to the sector. Matrix’s latest monthly report examines how investors eyeing long-term stability are increasingly looking to book multifamily debt products.
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Matrix Multifamily National Report-May 2026
Multifamily advertised rents increased nationally in May, but growth is flat year year-over-year. High interest rates have curbed property sales volume while weak consumer sentiment has limited renter demand, pushing national occupancy rates down to their lowest levels since 2013.
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Matrix Multifamily National Report-April 2026
U.S. multifamily advertised rents rose in April but less than the usual seasonal bounce and they are negative compared to a year ago. However, investors can still find pockets of opportunity in strong submarkets and in distressed and value-add assets.
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Matrix Multifamily National Report-March 2026
Rents improved across most markets in March, yet declining occupancy and weak annual growth signal ongoing pressure, as geopolitical risks and higher interest rates cloud the economic outlook.
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Matrix Multifamily National Report-February 2026
Advertised rents remained flat in February, with the multifamily market anticipating another year of slow growth. The market faces headwinds in economic conditions that include weak job growth and consumer confidence as well as in demand drivers such as immigration and migration.
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Matrix Multifamily National Report-January 2026
U.S. multifamily rents posted a modest increase in January, snapping a five-month decline. However, heavy supply, slowing absorption and economic uncertainty point to a fragile recovery as the spring leasing season approaches.
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Matrix Multifamily National Report-December 2025
U.S. advertised rents slipped again in December, producing the weakest fourth quarter in years and wiping out gains made during the first half of 2025. That is not stopping investors from increasing transaction volume and paying up for multifamily properties.
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Matrix Multifamily National Report – November 2025
Multifamily and SFR-BTR advertised rents dropped again in November and are well off summer peaks, as 90% of the Matrix top 30 metros have posted negative growth over the last three months. The question remains whether the performance is seasonal or the result of weakening job growth and consumer confidence.
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Matrix Multifamily National Report-October 2025
Weakening demand produced another month of negative multifamily rent growth in October. With economic uncertainty shaking consumer confidence, is this the start of a prolonged slump or a short-lived trend?
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Matrix Multifamily National Report-September 2025
Multifamily rents faltered in September, posting their weakest showing for the month in more than a decade. A flood of new supply and a cooling economy weighed on performance, especially in Sun Belt metros, while coastal cities like New York and San Francisco posted solid gains.
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Matrix Multifamily National Report-August 2025
Multifamily rents were flat nationally in August, as demand kept up with supply. Meanwhile, Yardi Matrix’s latest report details how legislators at all levels of government are crafting plans to meet their constituents’ long-term housing needs.
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Matrix Multifamily National Report-July 2025
The multifamily market recorded another month of tepid rent gains in July, but demand remains strong and the economic outlook has improved in recent months. What’s more, growth in expenses such as insurance decelerated in the first half of the year, a hopeful sign for operators and developers.
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Matrix Multifamily National Report-May 2025
Multifamily fundamentals remained healthy in May, as the average U.S. rent gained $6 for the month. Demand stayed firm and the impact of changing economic policy is yet to be felt. An encouraging sign is that some high-supply Sun Belt markets are starting to see rents rise again after a period of weakness.
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Matrix Multifamily National Report-April 2025
Multifamily fundamentals displayed resiliency in April, as the U.S. average national rent increased, and occupancy rates remain relatively unaffected by heavy supply growth. However, investors are growing wary as the U.S. economy shows signs of slowing.
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Matrix Multifamily National Report-March 2025
Early indicators suggest resilience for multifamily in 2025, but the looming impact of new policies and economic uncertainty casts a shadow. While Northeast and Midwest metros post strong growth, oversupplied markets struggle, and the impact of new administration initiatives are yet to be seen.
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Matrix Multifamily National Report-February 2025
Multifamily rents changed little in February, but a big test is coming. While rents traditionally get a bounce during the spring leasing season, the market now faces declining consumer confidence and unsettled financial markets. Will economic volatility impact the robust demand for apartments?
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Matrix Multifamily National Report-January 2025
After a weak second half of 2024, multifamily rents rebounded in January. Industry executives at the National Multifamily Housing Council’s annual meeting last week expressed hope that demand will hold in the new year, while concerns abound about interest rates and the new administration’s economic policies.
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Matrix Multifamily National Report-December 2024
The multifamily market walked a tightrope in 2024, balancing strong demand and a high level of new supply. Overall results were stable, varying by market. The new year promises changes, with supply growth waning, different economic policies likely to impact demand, and interest rates looking to remain higher than expected.
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Matrix Multifamily National Report-November 2024
Multifamily rents dropped in November, but year-over-year growth stayed consistent at just shy of 1.0%. Recent trends such as variations in regional rent growth and decelerating expense growth continued, while the market waits to see the changes brought in by a new administration.
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Matrix Multifamily National Report-October 2024
Multifamily and SFR rents fell in October as supply growth continues to delineate the direction of rents by metro. At the same time, the drop in starts presages another wave of rent growth in 2026 and beyond. Meanwhile, the market has begun to anticipate changes from the new administration in 2025.
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Matrix Multifamily National Report-September 2024
Recent economic news including interest rate cuts and robust GDP and job growth have given the multifamily market a shot in the arm. Still, multifamily advertised rents fell slightly in September, and the heavy delivery pipeline will constrict rent growth in the near term.
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Matrix Multifamily National Report-August 2024
Multifamily performance held steady in August as the market eagerly anticipates interest rate cuts in September. The hope is that lower rates will break the logjam in the transactions market and spur refinancing activity, but it also presages a slower growing economy.
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Matrix Multifamily National Report-July 2024
Multifamily advertised rents rose in July on the back of the strong economy. Job growth remained robust while inflation continued to ease, raising hope for interest rate cuts. Meanwhile, July saw a resumption in advertised rent growth in high-supply markets where it had been negative.