U.S. multifamily rents rise amid cautionary signs, Yardi Matrix reports

U.S. multifamily rents rose in May 2026, with the average rent increasing $6 from April and delivering 0.2% year-over-year growth, according to Yardi Matrix data. However, 18 of 30 top metros experienced negative rent growth, with high-supply cities like Austin, Phoenix, Denver, and Tampa declining, and occupancy hitting its lowest level since 2013. The spring leasing season is generating less pricing power than historical norms due to high supply deliveries, widespread lease-ups, and economic uncertainty.