Yardi Matrix: Rents Rise Slightly in May

(Image courtesy of Brett Aukburg/pexels.com)

Yardi Matrix, Santa Barbara, Calif., found U.S. multifamily rents saw a slight seasonal bump in May, up $6 (or 0.3%) to average $1,767. However, year-over-year growth is near flat, at only 0.2%.

The seasonal increase is muted compared with pre-pandemic levels. Through the first five months of 2026, rents have increased 1%–approximately the same as in the past few years. But, pre-pandemic, rents typically increased 2% between January and May.

And, it varies by region–advertised rents are down year-over-year in more than half of the top 30 metros.

Metros seeing rent growth include San Francisco, up 4.5% year-over-year, Chicago, up 3.5% year-over-year, and New York, up 3.3% year-over-year.

But, rent growth is negative in cities like Austin, down 3.7% year-over-year, Phoenix, down 3.1% year-over-year, and Denver, down 2.9% year-over-year.

By segment, lifestyle rents increased 0.4% for the month and renter-by-necessity was up 0.3%.

The national occupancy rate has fallen to 94.1%, down 60 basis points from May 2025 and down more than 200 basis points from 2022. It’s currently at the lowest level since 2013. Yardi Matrix pointed to elevated supply as a contributing factor, but also noted a slower leasing environment overall.

Rents for single-family build-to-rent rose $8 in May to $2,224, and are up $23 over the past three months. But year-over-year change is at negative 0.1%. Single-family rental occupancy rates were at 94.5%, down 50 basis points year-over-year.

In terms of transaction activity, Yardi Matrix recorded $26.6 billion of multifamily transactions, down 10.7% from the $29.8 billion of sales in the first five months of 2025. Geopolitical uncertainty, inflation and higher Treasury rates have affected the environment.