According to the latest Yardi Matrix Multifamily Report, multifamily rents again remained flat in May, 2026 with the average U.S. advertised coming in at $1,767 and year-over-year rent growth turned negative coming in at -0.2%. They say soft demand is pushing occupancy rates down to a rate not seen since 2013.
Another indication of softer market conditions is the decline in occupancy. The national occupancy rate has fallen more than 200 basis points from its cycle peak in 2022 to 94.1%, its lowest level since 2013. While elevated supply remains the primary driver, the decline also points to a slower leasing environment.
Click here to read the full report at Yardi.
