In February 2026, multifamily rent prices remained flat as the average U.S. advertised rent stagnated at $1,740, according to the Yardi Matrix Multifamily National Report. Year-over-year growth fell 10 basis points to 0.1% as well.
"While February is typically a slower month, there are longer-term issues of concern," the report states. For one, rent prices have been "essentially unchanged" for the past 18 months. Occupancy rates are negative year-over-year in the majority of the top 30 Matrix markets as well.
Additionally, population growth—a "key element" of multifamily demand—is slowing in the U.S. due to immigration policy and declining birthrates.
National Average Rents
Multifamily Rent Growth in February 2026
In the short term, only nine of Matrix's top 30 markets showed month-over-month rent growth in February. Growth was highest in New York, N.Y. (0.9% growth), San Francisco, Calif. (0.5%), and Chicago, Ill. (0.3%).
Rent declines were present in cities like Austin, Texas (–0.5%), Denver, Colo. (–0.3%), and Orlando, Fla. (–0.3%). By region, the Midwest still shows the best signs of relative stability.
February is usually a slow month, but the signals do not point to a strong bump in rents in the spring. Drivers of demand such as population growth, immigration, and the job market are not robust, while the occupancy rate and absorption have been weak in recent months.
- Yardi Matrix
According to the report, Sun Belt states like North Carolina, Florida, and Texas are projected to maintain the fastest growth this year.
To read the full findings of the report, visit Yardi Matrix here.
About the Author
Quinn Purcell
Quinn Purcell is the Managing Editor for Building Design+Construction. He is a graduate of Idaho State University with a Bachelor of Arts in Communication, and an emphasis in Multiplatform Journalism. He specializes in video, photography, copywriting, feature writing, and graphic design.