Yardi Matrix reported that the national average asking apartment rent was up $6 in May from the revised level of the month before at $1,761 per month. The national average year-over-year asking apartment rent growth was +1.0 percent, up 0.1 percentage points from the rate reported last month. The month-over-month rent growth rate was 0.3 percent.
Rents in the “lifestyle” asset class, usually Class A properties, were up 0.2 percent year-over-year. Rents in “renter by necessity” (RBN) properties increased by 1.7 percent year-over-year. The lifestyle rent growth is up 0.1 percentage points from last month’s reported rate while the RBN rent growth is down 0.4 percentage points. The chart, below, shows the history of the year-over-year rent growth rates for these two asset classes along with the difference between these rates.
The year-over-year rent growth rate for lifestyle properties has now been positive, if small, since January 2025. Rent growth for RBN properties moved lower this month and is at its lowest level since August 2022. The rent growth rates for both property classes remain significantly different than those that prevailed in the years leading up to the pandemic.
Yardi Matrix reported that the U.S. average occupancy rate in April was 94.4 percent, the same level listed in last month’s report. The occupancy rate is down 0.3 percentage points year-over-year due to the arrival of a high level of new supply.
The economy chugs along
The discussion section of this month’s report was in some sense a continuation of the discussion of the impact of the uncertainty around President Trump’s tariffs and economic policies on the multifamily business. However, it focused on the fact that underlying economic conditions remain good and that market participants are cautious but optimistic. An indicator of this cautious optimism is that CMBS activity, which had fallen drastically after President Trump announced his tariffs, has been recovering.
The report highlighted some of the aspects of the tax bill that passed the House which are positive for housing. These include additional Low-Income Housing Tax Credit funding and an extension of the Opportunity Zone program. Caution is warranted by the fact that these provisions still have to pass the Senate and by the fact that interest rates remain significantly higher than their levels in recent years.
Finally, the report notes that uncertainty remains high and it may be some time before all of the good and bad effects from President Trump’s policy initiatives are apparent in the economy.
Tabulating the data
Yardi Matrix reports on other key rental market metrics in addition to rent growth. These include the year-over-year job growth rate based on the 6-month moving average and the completions over the prior 12 months as a percentage of existing stock. The 10 metros with the largest annual apartment rent increases are listed in the table below, along with the other data.
| City | YoY rent | YoY rent last month |
YoY jobs (6 mo moving avg) |
Completions as % of stock |
| New York | 5.7 | 5.8 | 1.8 | 2.1 |
| Kansas City | 4.0 | 3.5 | 0.6 | 2.2 |
| Philadelphia | 3.4 | 3.6 | 1.0 | 1.6 |
| Columbus | 3.3 | 3.7 | 0.7 | 3.7 |
| Chicago | 3.1 | 3.3 | 0.5 | 1.7 |
| Detroit | 3.1 | 3.0 | 0.6 | 0.6 |
| New Jersey | 3.0 | 2.4 | 1.6 | 3.0 |
| Indianapolis | 2.8 | 3.2 | 0.8 | 2.9 |
| Twin Cities | 2.7 | 2.7 | 0.8 | 3.8 |
| Washington DC | 2.2 | 2.5 | 1.3 | 2.6 |
The major metros with the smallest year-over-year apartment rent growth as determined by Yardi Matrix are listed in the next table, below, along with the other data as in the table above.
| City | YoY rent | YoY rent last month |
YoY jobs (6 mo moving avg) |
Completions as % of stock |
| Austin | (5.2) | (5.6) | 1.8 | 9.1 |
| Denver | (3.5) | (3.9) | 0.2 | 6.5 |
| Phoenix | (3.4) | (3.1) | 0.5 | 5.3 |
| Orlando | (1.8) | (2.1) | 1.9 | 5.8 |
| Dallas | (1.5) | (2.1) | 1.3 | 4.0 |
| Atlanta | (1.0) | (1.6) | 0.9 | 3.6 |
| Las Vegas | (1.0) | (0.9) | 0.4 | 3.8 |
| Nashville | (1.0) | (0.8) | 0.8 | 6.0 |
| Raleigh | (0.8) | (0.6) | 1.9 | 6.5 |
| Charlotte | (0.4) | (0.1) | 1.4 | 6.0 |
The top metros for month-over month rent growth in May were Kansas City, Denver, New Jersey and Boston. Of these, only Boston was in the top 4 in last month’s report. The trailing metros this month were Tampa, San Diego, Phoenix and Indianapolis. Of these, only Phoenix was in the bottom 4 in last month’s report.
Single-family rentals rents flat for the month
Yardi Matrix also reported that single-family rental built-to-rent (SFR) rents rose $3 in May from the revised level of the month before to $2,183 per month. SFR rents were down 0.1 percent year-over-year.
Yardi Matrix reported on the top 34 markets for built-to-rent single-family rentals, 16 of which saw rents grow year-over-year in May. The leading markets for year-over-year rent growth were Detroit, Inland Empire, Kansas City and Harrisburg.
The markets with the lowest year-over-year rent growth were Austin, Cleveland, Tampa and Phoenix.
The national occupancy rate for single-family rentals remained at 94.8 percent. While this is unchanged from last month’s reported value, it is down 0.6 percent year-over-year.
This month, 12 of the metros saw year-over-year occupancy increases. The metros with the largest year-over-year occupancy increases were Jacksonville, Atlanta, Nashville and Indianapolis. The metros with the greatest occupancy declines were Pensacola, Greenville, Harrisburg and Denver.
The complete Yardi Matrix report provides information on some of the smaller multifamily housing markets and more information on the differences in results between lifestyle and RBN properties. It can be found here.
