Rents are continuing to increase largely along the East and West coasts, while many cities in such states as Arizona, Colorado, and Texas have seen decreases of up to 3%.
So says a new report issued by the Yardi Matrix firm, which notes that, overall, the nation’s year-over-year rent growth, at an average of $1,773, saw a 0.4% jump, “the highest rate of increase in nearly a year.”
The Yardi Matrix study, Multi Family National Report, says that despite the most recent increase, “the gain was still below those achieved before the pandemic.”
Averaging out all asset classes in apartment units, the report shows San Francisco with a more than 5% increase, followed by New York City at nearly the same percentage.
Heading out West: Dallas, Denver, Las Vegas, Pheonix, Los Angeles, and Portland all saw rent decreases.
In the single-family build-to-rent segment, meanwhile, rents were reported as being generally flat at $2,246, with the largest increases in booming Miami at around 4% and Grand Rapids, Michigan at 3%. Dallas, Denver, and Phoenix were among the Western cities seeing declines in this segment.
Despite what the report describes as a “regional weakness,” the long-range outlook in the West “remains supportive,” primarily due to mortgage rates above the 6.5% mark which are tending to “prolong renter tenure.”
A separate report filed by the site Zillow notes that while many apartment building owners are offering concessions such as free months to new renters, the “latest trends point to an environment in which landlords are gaining more power.”
September 14, 2026
By Garry Boulard
Photo courtesy of Unsplash
