The U.S. multifamily market closed out the first half of 2026 showing modest growth, as the average month-over-month advertised rent rose by $4 in June and year-over-year growth remained unchanged at 0.2 percent.
Analysts from Yardi Matrix attribute the growth to gateway and Midwest markets, including New York City; San Francisco; Chicago; and Kansas City, Mo., whose performances countered negative growth in Sun Belt metros such as Austin; Denver; Tampa, Fla.; Phoenix; and Houston.
While leasing activity remains healthy, the elevated volume of new supply continues to limit pricing power. A 61 percent drop in national absorption during the first five months of the year compared with the same period last year suggests that “household formation is no longer keeping pace with the surge in apartment completions, wh
