Yardi Matrix: Multifamily Rents Rise in March

(Image courtesy of Savanna Blanchette/pexels.com)

Yardi Matrix, Santa Barbara, Calif., reported multifamily rents rose in March for the first time since summer 2025.

However, that growth was relatively weak, up $5 to $1,750, or 0.3%.

Year-over-year growth was 0.1%, the weakest March growth on records dating to 2012.

From 2012-2019, rents grew an average of 3.6% in March. Generally, rent begins accelerating in March, ahead of peak summer moving activity.

Advertised rents increased $4, or 0.2%, during Q1 2026.

The national occupancy rate was flat at 94.3% in February (the latest data provided) but fell 0.4% year-over-year.

Some markets saw stronger year-over-year growth. New York City was up by 4.5%, followed by San Francisco, up by 3.9%, Chicago, up by 3.4%, the Twin Cities, up by 2.5%, and Kansas City, Mo., up by 2.3%. But, rent fell year-over-year in some areas, such as Austin, Texas, down by 4.1%, Denver, down by 3.5%, Tampa, Fla., down by 3.4%, Phoenix, Ariz., down by 3.2%, and Orlando, Fla., down by 1.8%.

Month-over-month, lifestyle rents increased 0.3%, and Renter-by-Necessity rents rose 0.2%.

For single-family build-to-rent units, advertised rates rose $5 to 2,202. However, that’s down 0.5% year-over-year.

Single-family rental occupancy rates were flat at 94.5% in February, but down 0.5% year-over-year.