Multifamily Rent Growth Update: May 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 Apr 2026.

National Rent Growth Trends

Multifamily rent growth remained soft in April, though the latest data suggest that conditions are no longer broadly worsening. Annual rent growth stabilized near its slowest pace since early 2021, before post-pandemic rent growth accelerated, while short-term momentum improved modestly from March.

National rents rose 1.0% year-over-year in April, roughly unchanged from 1.1% in March, but still down from 1.3% in January and 1.5% in December. While annual rent growth remains subdued by historical standards, the pace of deceleration has slowed in recent months, suggesting that national conditions may be beginning to stabilize after an extended cooling period.

Short-term momentum also improved modestly in April. Following a near-flat reading in March, the annualized monthly growth rate registered 0.6% in April, up from 0.1% in March. In practical terms, rent growth remains soft nationally, but the latest reading suggests that the market may be finding a floor rather than continuing to weaken further.

The breadth data tell a similarly constructive story. In April, 64.5% of metros recorded month-over-month rent growth, roughly unchanged from 64.3% in March. Meanwhile, 87.3% of metros posted year-over-year rent gains, up from 85.6% in the prior month. After deteriorating through much of late 2025, both breadth measures have stabilized in recent months, suggesting that weakness in the rental market is no longer broadening in a one-directional way.

Overall, the rental market remains in a period of soft growth, but the April data point to a market that is stabilizing rather than continuing to deteriorate. National rent growth remains subdued, and conditions are still weakest across several high-supply Sun Belt markets. At the same time, parts of the West, Northeast, and Midwest continue to post robust rent growth, reinforcing how fragmented and locally driven the multifamily market has become.

The supply outlook is also gradually shifting. Elevated completions remain a near-term headwind, but the number of multifamily units under construction has fallen meaningfully from its recent peak, signaling that 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, though the latest metro data reinforce that softness is concentrated rather than universal. Several markets across the West, Northeast, and Midwest continue to post solid rent gains, while Florida, Texas, and select high-supply Sun Belt metros remain under pressure.

Top 5 Markets for Annual Multifamily Rent Growth through April 2026

Urban Honolulu, HI: +6.4%

San Francisco, CA: +6.1%

Wichita, KS: +6.0%

Toledo, OH: +5.8%

Scranton, PA: +5.7%

Bottom 5 Markets for Annual Multifamily Rent Growth through April 2026

Cape Coral, FL: −5.9%

North Port, FL: −5.7%

Austin, TX: −3.7%

San Antonio, TX: −3.3%

Tampa, FL: −3.1%

Short-term rent momentum improved modestly in April, though gains remain selective and several high-supply markets continued to post monthly declines.

Top 5 Markets for Monthly Multifamily Rent Growth through April 2026

Urban Honolulu, HI: +1.4%

Scranton, PA: +1.2%

Akron, OH: +0.9%

Wichita, KS: +0.8%

Boise City, ID: +0.7%

Bottom 5 Markets for Monthly Multifamily Rent Growth through April 2026

North Port, FL: −0.5%

Cape Coral, FL: −0.5%

San Antonio, TX: −0.5%

Durham, NC: −0.5%

Denver, CO: −0.4%

The Bottom Line

The April data suggest that the multifamily rental market is moving from broad-based cooling into a more selective phase. National conditions remain soft, but the market no longer appears to be weakening in a uniform way. Instead, performance is increasingly being shaped by local supply conditions, with several high-supply Sun Belt markets still under pressure while parts of the West, Northeast, and Midwest continue to post stronger gains.

Looking ahead, a meaningful reacceleration in rent growth will likely require two things: continued absorption improvement and further normalization in the supply pipeline. Elevated deliveries remain a near-term headwind, but the broader direction of the market appears more stable than it did late last year. For now, the best read is that multifamily rent growth remains subdued, but the downside momentum has eased.

Appendix: Data Table