Rental Housing Weekly Briefing: July 20–24, 2026

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This week’s Rental Housing Weekly Briefing examines the CREFC Board of Governors Sentiment Index, which shows sentiment stabilizing after a sharp first-quarter pullback, alongside Chandan Economics’ latest Multifamily Rent Growth Update, where rent growth strengthened in June and a larger share of US metro areas recorded rising rents.

LAST WEEK in RENTAL HOUSING 

CRE Finance Council Board of Governors Sentiment Index

• CRE sentiment stabilized in the second quarter after a sharp pullback earlier this year. The CREFC Board of Governors Sentiment Index rose 0.9% quarter-over-quarter to 101.0 in Q2 2026, up from 100.1 in Q1 and roughly in line with the survey’s 4Q 2017 baseline of 100.

• The improvement was uneven beneath the headline index. Five of the survey’s nine core questions improved, led by the economic outlook, while four softened, including borrower and investor demand. Economic expectations recovered meaningfully, with the share expecting worse conditions falling from 54% in Q1 to 24% in Q2.

• Rates remain the clearest constraint. A majority of respondents, 53%, expect mortgage and cap rates to negatively impact CRE finance-related businesses over the next 12 months. In a topical question, respondents pointed primarily to rate volatility and uncertainty, followed closely by higher-for-longer rates, as the main rate-related constraints on lending and investment.

• Demand expectations cooled but remained net positive. The share expecting more investor demand for CRE and multifamily assets fell from 61% in Q1 to 42% in Q2, while borrower demand expectations fell from 71% to 45%. The survey points to a capital markets environment that is no longer worsening, but remains constrained by rates and more cautious demand expectations.

Multifamily Rent Growth Update

• Multifamily rent growth strengthened in June, according to Chandan Economics’ latest analysis of Zillow Observed Rent Index data. National multifamily rents increased 1.4% year-over-year, up from 1.2% in May and the strongest annual reading so far in 2026.

• Short-term momentum improved more noticeably. On an annualized basis, month-over-month rent growth accelerated to 2.8% in June, up from 2.2% in May and the strongest monthly pace since March 2023. While one month does not establish a trend, the latest data are consistent with a market that is gradually firming after an extended cooling period.

• Market breadth improved alongside headline rent growth. In June, 71.5% of US metro areas recorded month-over-month rent increases, while 88.1% posted annual rent gains. Both measures rose from May, suggesting that rent growth is broadening across markets rather than relying on a narrow group of outperformers.

• Metro-level performance remains highly uneven. San Francisco led the nation with 8.5% annual rent growth, followed by Urban Honolulu, Akron, San Jose, and Toledo. Meanwhile, several Florida and Texas markets remained under pressure, with North Port, Cape Coral, San Antonio, Austin, and Denver posting the weakest annual rent growth.

CHANDAN ECONOMICS in the NEWS

GlobeSt: Remote Work Renters Gain An Affordability Edge

CRE Daily: US Multifamily Rents Accelerate as Market Rebalances

THE WEEK AHEAD 

July 21, 2026

• Mom-and-Pop Rent Collections (Chandan Economics / RentRedi)

July 23, 2026

• Primary Mortgage Survey (Freddie Mac)

• Commercial Property Price Index (MSCI Real Capital Analytics)

July 24, 2026

• New Residential Construction (US Census Bureau)