Multifamily Rent Growth Update: April 2026

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This analysis explores multifamily rent growth trends across the US using the Zillow Observed Rent Index (ZORI). All figures are seasonally adjusted and updated through March 2026.

National Rent Growth Trends

Multifamily rent growth continued to slow in March, with year-over-year gains easing to their lowest level since 2021 and short-term momentum turning slightly negative.

National rents rose 1.0% year-over-year in March, down from 1.2% in February, 1.4% in January, and 1.6% in December. While annual rent growth remains positive, the pace of gains has continued to soften, reflecting the ongoing normalization of rental housing conditions after the post-pandemic surge.

Short-term momentum weakened further. After 32 consecutive months of positive month-over-month growth, national multifamily rents declined slightly in March. The annualized monthly growth rate registered −0.1%, down from +0.2%in February. In practical terms, rents remain broadly stable, but the direction of the latest monthly reading is notable. This was the first monthly decline in national multifamily rents since June 2023.

The breadth data tell a somewhat more constructive story. In March, 65.0% of metros recorded month-over-month rent growth, up from 60.5% in February. That 4.5 percentage point increase was the largest monthly improvement in the share of markets with rising rents since March 2025 and brought the measure to its highest level since October 2025. Meanwhile, 86.7% of metros posted year-over-year rent gains, nearly unchanged from 86.6% in February.

Overall, the rental market remains in a period of minimal growth, but the March data show a mix of softening and stabilization. National annual growth is still slowing, and monthly momentum has slipped slightly below zero. However, the improvement in month-over-month market breadth suggests that the weakness is not broadening in a one-directional way.

The supply outlook is also gradually shifting. Elevated deliveries remain a near-term headwind, but the development pipeline is no longer expanding at the pace seen earlier in the cycle. As supply pressures gradually ease and absorption improves, the market should begin moving toward a better balance. Still, a sustained recovery in absorption will be necessary before stronger rent growth momentum can reemerge.

Metro-Level Performance

Year-over-year performance remains highly uneven, with several Northeast, Midwest, and coastal markets continuing to post solid gains while Florida, Texas, and select high-supply Sun Belt metros remain under pressure.

Top 5 Markets for Annual Multifamily Rent Growth through March 2026

Virginia Beach, VA: +6.3%

San Francisco, CA: +6.0%

Toledo, OH: +6.0%

Springfield, MA: +5.2%

Wichita, KS: +5.1%

Bottom 5 Markets for Annual Multifamily Rent Growth through March 2026

North Port, FL: −6.0%

Cape Coral, FL: −5.9%

Austin, TX: −3.7%

Tampa, FL: −3.3%

San Antonio, TX: −3.0%

Short-term rent momentum remained subdued in February, with gains concentrated in a narrower set of markets and several metros continuing to post outright monthly declines.

Top 5 Markets for Monthly Multifamily Rent Growth through March 2026

Toledo, OH: +1.1%

Syracuse, NY: +0.9%

Wichita, KS: +0.7%

Boise City, ID: +0.7%

Urban Honolulu, HI: +0.7%

Bottom 5 Markets for Monthly Multifamily Rent Growth through March 2026

Cape Coral, FL: −1.0%

North Port, FL: −0.7%

Stockton, CA: −0.6%

Lakeland, FL: −0.5%

Tampa, FL: −0.5%

The Bottom Line

The March data reinforce the ongoing normalization of multifamily rent growth. National rent gains continued to slow on an annual basis, reaching their lowest level since 2021. Monthly momentum also weakened, with rents declining slightly on a month-over-month basis for the first time since June 2023.

Performance remains uneven across markets. Persistent weakness in several high-supply Sun Belt metros — particularly in Florida and Texas — continues to weigh on national trends. At the same time, parts of the Midwest, Northeast, and select coastal markets are maintaining stronger rent growth, highlighting the increasingly local nature of current rental market conditions.

Even so, the latest data are not uniformly negative. The share of metros with rising rents improved in March, moving off the low-60% range seen between November and February. With absorption beginning to stabilize and the supply pipeline gradually rebalancing, conditions should become more supportive over the course of the year. For now, however, the market remains characterized by slow annual growth, near-flat monthly momentum, and significant metro-level dispersion.

Appendix: Data Table