Multifamily advertised rents saw slight growth in August 2026
Apartment Rent Trends Move in Right Direction
Multifamily advertised rents saw slight growth in August, rising $2 to $1,173, according to Yardi Matrix’s latest report. Year-over-year growth accelerated to 0.4%, the highest rate in nearly a year.
According to Yardi Matrix, recent rent growth trends are correlated with new properties in the lease-up phase. With that number decreasing, Sun Belt markets with weak rent growth still have a large percentage of stock in lease-up.
Year-over-year rent growth in August continued to be strongest in gateway and Midwest markets, although momentum is cooling in some Midwest metros. San Francisco led the list with 6.1% annual growth, followed by New York, 5.3%; Kansas City, Missouri, 3%; Chicago, 2.6%; and the Twin Cities, 2.4%. Negative rent growth continued to be seen in many high-supply Sun Belt and Western metros, although those declines continue to moderate, with Austin, Texas, at -2.8%; Denver, -2%; Tampa, Florida, -1.8%; Houston, -1.7%; and Phoenix, -1.6%.
“For now, the sector appears to be moving in the right direction. Slowing supply and improving rent trends in previously struggling markets provide reason for cautious optimism, but normal seasonal slowing, trade tensions, and broader economic uncertainty will test whether recent momentum can carry through year-end,” noted the report.
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Month over month, rents increased 0.1% in August, with 16 of Yardi Matrix’s top 30 markets seeing gains. Rent growth improvement in several high-supply markets point to a firming rent environment, according to Yardi Matrix. San Francisco and Baltimore led the list with gains of 0.5%, followed by San Diego at 0.4% and Orlando, Florida; Denver; and Portland, Oregon, all seeing 0.3% month-over-month growth. Columbus, Ohio, and New York had the largest month-over-month declines at 1%, followed by Indianapolis at -0.6% and Nashville, Tennessee, at -0.5%.
Advertised rents for the single-family rental (SFR) segment remained flat in August at $2,246, up 0.5% year over year.
Performance remained uneven by region and product-level. The strongest rent growth for the SFR segment was seen in Miami at 5.4% year over year. However, the Midwest remained the bright spot, with Grand Rapids, Michigan; Cleveland-Akron; and Kansas City all experiencing 3.3% growth year over year and Chicago at 3%. Pricing pressure persisted across the Southwest, with elevated supply hampering rents: San Antonio was at the bottom year over year at -5.5%, followed by Phoenix at -2.3% and Houston at -1.9%.
“Despite regional weakness, the demand outlook remains supportive, as mortgage rates above 6.5% should prolong renter tenure and bolster SFR demand,” stated the report.
Source: Multifamily Executive
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