National Multifamily Report – April 2026

Article originally posted on HERE on May 12, 2026

Sluggish seasonal performance keeps advertised rents in the negative, according to Yardi Matrix.

Advertised average U.S. multifamily rents ticked up 0.4 percent year-to-date through April, just one-third of the average seasonal growth recorded between 2012 and 2019, according to Yardi Matrix’s latest survey of 140 markets. Annual growth was negative at -0.2 percent, with the average advertised rent clocking in at $1,758 in April, $4 higher than the March reading. Similar movements were registered in the single-family build-to-rent sector, with the rate down 0.5 percent year-over-year, but up $7 month-over-month to $2,211 in April.

Nearly two-thirds of Matrix’s top 30 markets recorded negative yearly growth. Gains were clustered across gateway and Midwest markets, such as New York (4.8 percent increase), San Francisco (4.1 percent), Chicago (3.3 percent), the Twin Cities (2.4 percent), Kansas City, Mo., and Philadelphia (2.1 percent each). Conversely, supply-heavy metros posted some of the steepest losses, including Austin (-4.3 percent), Denver (-3.6 percent), Tampa (-3.4 percent) and Phoenix (-2.7 percent). Following rent trends, the average occupancy was also down 0.5 percent year-over-year to 94.2 percent in March. Out of the top 30 metros, just San Francisco recorded an increase with a modest 0.2 percent gain.

Lifestyle properties lift the average growth

The expected seasonal boost delivered short-term gains across more than two-thirds of Matrix’s top 30 markets. Advertised rents ticked up 0.2 percent in April, with growth registered even across high-supply metros, such as Miami, Phoenix and Raleigh, N.C. (0.3 percent each), as well as Denver, Nashville, Tenn., and Dallas (0.1 percent each). The Lifestyle segment carried much of this increase, particularly in Gateway and Sun Belt markets, including New York (2.5 percent Lifestyle growth), Chicago (0.9 percent) and Nashville (0.4 percent).

With a significant portion of newly delivered properties still in lease-up, as well as a soft population growth and tepid consumer confidence, the outlook for a quick turnaround to the previous long-term average gains of 2.5 to 3 percent is unlikely. Yet, other opportunities may still present themselves as each market has outperforming pockets shaped by local supply-demand dynamics. Alternatively, finding distressed properties could be just as lucrative as lenders attempt to clear underperforming loans from their books. Optimizing operations can be another option as expenses ticked up by 30 percent on average during the past five years.

The single-family build-to-rent sector underwent a similar multifamily trajectory, with the seasonal tug unable to bring yearly advertised rents in the positive. Annual growth was down 0.5 percent, with rates up $7 to $2,211 in April. As debate regarding the proposed 21st Century ROAD to Housing Act intensifies, early signs of its impact can be observed across Houston. The market witnessed an effective halt in construction activity, as reported by the Houston Chronicle. This phenomenon may spread at a national level, with analysts estimating drops of up to 60 percent.