Multifamily rents rise in Q1 2026, though weaker than normal

Rent growth returns in the multifamily sector, although weakness persists, according to the latest Yardi Matrix Multifamily National Report for March 2026.

Last month alone, the average advertised rent price rose $5 to $1,750—a year-over-year growth of 0.1 percent.

Multifamily Rents Rising in 2026

For the first quarter of 2026, U.S. rents increased $4, up 0.2%, a "positive but weaker-than-normal first quarter performance," according to Yardi Matrix.

"The 0.1% year-over-year increase remains the weakest March growth on record, dating back to 2012," the report states.

For comparison, rents rose by an average of 3.6% each March from 2012 to 2019. The ongoing softness is not entirely unexpected, as a sustained supply glut—especially across Sun Belt markets—combined with lower immigration and slower job growth, continues to create headwinds.

National Average Rents

Metros Seeing Rent Growth and Declines in 2026

Gateway and Midwest markets recorded the highest rent growth, led by New York City, N.Y. (4.5% year-over-year), San Francisco, Calif. (3.9%), Chicago, Ill. (3.4%), Minneapolis–St. Paul, Minn. (2.5%), and Kansas City, Mo. (2.3%).

Meanwhile, rent growth remains negative in high-supply metros, led by Austin, Texas (-4.1%), Denver, Colo. (-3.5%), Tampa, Fla. (-3.4%), Phoenix, Ariz. (-3.2%), and Orlando, Fla. (-1.8%).

Visit Yardi Matrix to read the full report.