After leveling off in late 2025 and earlier this year, multifamily rents saw an increase last month, indicating a traditional resilient spring market.
According to a new report just issued by the analysis firm Yardi Matrix, a national average rent of $1,750 saw a 2% jump in March. That figure is notably up over the average $1,730 recording in the spring of 2024.
Rent growth this year has been particularly strong in the nation’s largest cities, with New York, Chicago, and San Francisco all seeing increases nearing the 5% mark.
Declines, meanwhile, have been recorded in many of the cities of the West, with usually booming Phoenix off by 3.2%, and the cities of Dallas, Denver, and Las Vegas down by anywhere from 1% to 4%.
“Dispersing is widening,” says the Matrix Multi Family National Outlook report, “with a 5% to 6% spread between the highest and lowest performing markets.”
Industry analysts are watching where things are likely heading, notes the report, “as the market enters the critical spring leasing season.”
“Rents typically begin accelerating in March,” ahead of the peak summer moving months. That means that March’s marginal rent gains, “which were broadly distributed across markets,” are likely a hint of where things are heading between now and July or August.
While such trends follow a well-established pattern, recent geopolitical events, along with larger national economic issues and demographic trends, are all “making it crucial for market players to strategize accordingly.”
April 10, 2026
By Garry Boulard
Photo courtesy of Pixabay
