Yardi Matrix: Multifamily Rents Up 1% in First-Half 2026

(Image courtesy of Gotta Be Worth It/pexels.com)

Yardi Matrix, Santa Barbara, Calif., reported U.S. multifamily advertised rents increased 0.7% during Q2 and 1% during the first half of 2026.

That’s in line with recent years, but below pre-pandemic averages. For example, from 2013-2019, rents typically increased about 2.7% in the first half of the year and 1.8% in Q2.

In June, multifamily advertised rents were up by $4 to $1,763. Year-over-year growth for June was 0.2%.

Gateway and Midwest renters saw significant growth, led by New York (up 5.6% year-over-year), San Francisco (up 4.7%), Chicago (up 2.6%), Kansas City, Mo., (up 2.4%) and the Twin Cities, Minn. (up 2.2%).

However, rent growth has been negative in Sun Belt metros, including Austin, Texas, (down 4% year-over-year), Denver (down 3.1%), Tampa, Fla., (down 2.8%), Phoenix, Ariz., (down 2.7%) and Houston (down 2%).

Both Lifestyle and Renter-by-Necessity rents increased 0.2% for the month.

The national occupancy rate fell to 94.1% in June, a 0.6% decline year-over-year.

Demand has moderated, and preliminary data indicates that national absorption was approximately 108,000 units during the first five months of the year, down 61% year-over-year.

For single-family build-to-rent units, advertised rates rose $6 to $2,234 in June, up 0.2% year-over-year. U.S. single-family rental occupancy rates were 94.7% in June, but down 30 basis points year-over-year. Occupancy was 96.4% for renter-by-necessity and 94.4% for lifestyle properties.