Multifamily Rent Growth Update: January 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 January 2026.

National Rent Growth Trends

Multifamily rent growth continued to moderate in January 2026, with national rent gains slowing further at the start of the year. The latest Zillow Observed Rent Index (ZORI) data indicate a rent environment that remains significantly cooler than the post-pandemic peak, with growth continuing to decelerate on an annual basis.

On a year-over-year basis, national multifamily rents rose 1.4% in January, down from 1.6% in December. While rents continue to increase nationally, the pace of growth has slowed materially compared to the elevated gains recorded during 2021 and early 2022.

Rent growth breadth improved modestly in January. The share of US metros experiencing month-over-month rent increases rose to 67.6%, up from 63.7% in December. Meanwhile, 86.8% of metros posted positive year-over-year rent growth, an increase from 85.1% in December. Although a large majority of markets remain positive on an annual basis, breadth remains below the near-universal increases observed at the height of the prior rent surge.

Rent growth breadth improved modestly in January. The share of US metros experiencing month-over-month rent increases rose to 67.6%, up from 63.7% in December. Meanwhile, 86.8% of metros posted positive year-over-year rent growth, an increase from 85.1% in December. Although a large majority of markets remain positive on an annual basis, breadth remains below the near-universal increases observed at the height of the prior rent surge.

Metro-Level Performance

Year-over-year performance continues to reflect persistent softness across several Florida and Texas markets, while select Midwest and coastal metros remain comparatively firm.

Top 5 Markets for Annual Multifamily Rent Growth in January 2026

Virginia Beach, VA: +6.06%

Chicago, IL: +5.42%

San Francisco, CA: +5.38%

Urban Honolulu, HI: +5.30%

Albany, NY: +4.91%

Bottom 5 Markets for Annual Multifamily Rent Growth in January 2026

Cape Coral, FL: −5.38%

North Port, FL: −4.31%

Austin, TX: −3.94%

Colorado Springs, CO: −3.12%

Tampa, FL: −2.74%

Monthly performance was mixed in January, with strength concentrated in select secondary markets and continued softness in parts of the Sun Belt and Mountain West.

Top 5 Markets for Monthly Multifamily Rent Growth in January 2026

Baton Rouge, LA: +0.86%

Winston, NC: +0.85%

Little Rock, AR: +0.80%

Virginia Beach, VA: +0.64%

Tulsa, OK: +0.54%

Bottom 5 Markets for Monthly Multifamily Rent Growth in January 2026

Fayetteville, AR: −0.72%

North Port, FL: −0.59%

Tampa, FL: −0.52%

Salt Lake City, UT: −0.52%

Augusta, GA: −0.49%

The Bottom Line

The January data reinforce the ongoing normalization of multifamily rent growth. National rent gains continue to slow on an annual basis, though a majority of markets remain positive year over year. While month-over-month breadth improved at the start of the year, metro-level performance remains uneven, with persistent weakness in several high-supply Sun Belt markets and firmer conditions across parts of the Midwest and select coastal metros.