Multifamily Rent Growth Holds Steady in March

Multifamily rents rose modestly in March, with steady national gains and uneven regional performance amid ongoing supply pressures.

March 31, 2026

Valerija I.

National multifamily rent growth reached +0.2% in March to $1,723 average rent.
The Midwest led year-over-year regional gains at +1.9%, but Southern and Mountain areas saw annual declines.
46 of the top 50 metros posted monthly rent increases, with San Francisco up +0.8%.
Ongoing new supply continues to weigh on markets despite broad-based monthly gains.

Key Takeaways

Growth Moderates as Spring Leasing Begins

As reported by Bussiness Wire, Apartments.com, a platform of CoStar Group, released their March 2026 multifamily rent report showing gradual but sustained national rent growth. The average US apartment rent rose to $1,723, representing a +0.2% increase from February, marking four straight months of modest gains following weaker performance in late 2025.

Annual rent growth slowed to +0.4%, down from +1.5% one year ago. Early leasing season typically brings stronger momentum, but rent growth is developing slower than usual this year amid lingering supply and tempered demand growth.

Bar and line chart showing US multifamily rent trends from March 2025 to March 2026. Monthly rent growth (bars) fluctuates between -0.3% and +0.3%, turning positive in early 2026, while annual rent growth (line) steadily declines from 1.5% to 0.4%.

Regional and Metro Market Trends

All five regions showed month-over-month rent growth. The Midwest and Mountain regions led with +0.3% increases, while the Pacific region trailed at +0.1%. Year-over-year, the Midwest continued to outperform with +1.9% growth; in contrast, the South and Mountain regions recorded annual declines of -1.3% and -2.2%, respectively, reflecting broader signs of softening across key commercial real estate sectors as market momentum cools.

Metro-level performance broadened, with 46 of the largest 50 metros posting monthly rent growth. San Francisco saw the highest gain at +0.8%, followed by Boston (+0.7%) and East Bay (+0.6%). Only four major markets declined month-over-month.

US map showing regional multifamily rent trends for March 2026. Month-over-month rent growth is positive across all regions, ranging from +0.1% to +0.3%, while year-over-year growth varies, with the Midwest leading at +1.9% and the South (-1.3%) and Mountain (-2.2%) regions showing declines.

Supply Pressures Persist

Year-over-year, San Francisco (+6.3%) and Norfolk (+4.2%) stood out, while metros with large new inventory—like Austin (-4.8%) and Denver (-3.5%)—continued to lag due to excess supply. Despite a slowdown in new construction, ongoing inventory overhang remains a national headwind as the spring leasing season progresses.

What’s Next

Multifamily rent growth is expected to remain stable but muted in the near term, with regional and local outcomes closely tied to supply dynamics. Market observers will watch if typical spring acceleration materializes or if cautious momentum persists throughout the leasing season.