Newmark’s 3Q26 U.S. Multifamily Capital Markets Conditions & Trends report finds that the rent recovery is spreading, and some of the hardest-hit markets are turning the corner. National year-over-year effective rent growth reached 0.9 percent, the first positive year-over-year reading after four quarters of negative growth.
In addition, 31 of the top 50 markets posted positive growth, up from 23 in second quarter 2026; and 45 of the top 50 markets saw their annual growth rate improve from the prior quarter. Jacksonville, Fla., and Salt Lake City returned to positive year-over-year effective rent growth after prolonged declines.
For investors, improving fundamentals contrast with a quarterly slowdown in capital markets activity. Excluding M&A, third-quarter 2026 multifamily sales totaled $44.5 billion, down 6.7 percent year
