Multifamily Rent Growth Posts Its Weakest April Since 2014

Multifamily rent growth posted modest April 2026 gains as national rent hit $1,730, with supply overhang holding annual growth to just 0.5%.

April 30, 2026

Nina Dale

Multifamily rent growth in April 2026 increased 0.2% month-over-month to $1,730.
Annual rent growth slowed to 0.5%, the weakest April since 2014 outside the pandemic year.
All five US regions posted monthly rent gains, but year-over-year growth varied widely.
Supply overhang and restrained demand continue to limit multifamily rent growth momentum.

Key Takeaways

Modest Gains in Multifamily Rent Growth

Businesswire reports that multifamily rent growth remained positive in April 2026, according to Apartments.com’s latest report. The national average rent climbed to $1,730, marking a 0.2% increase month-over-month and extending the streak of positive growth to five months.

However, the overall momentum was subdued compared to typical spring leasing seasons. Annual rent growth eased to 0.5%, down from 0.6% in March and well below the 1.4% recorded in April 2025. This April’s results are the weakest since 2014, excluding the pandemic year.

National rent growth disappoints into spring leasing season

Regional and Metro-Level Variations

Multifamily rent growth was broad but uneven across regions. The Northeast, Midwest, and Pacific led with 0.3% monthly gains. The Mountain and South lagged at 0.2% and 0.1%. Year over year, the Midwest led with 2.0% growth. Meanwhile, rents fell in the South and Mountain regions. They declined by 1.1% and 1.9%, respectively.

At the metro level, 45 out of the top 50 markets reported monthly gains. San Francisco led with a 1.0% increase in April and 7.3% annual growth. At the same time, developers continue to push new projects forward despite cost pressures and policy uncertainty, adding to near-term supply in several markets. In contrast, supply-heavy markets such as Austin and Denver posted annual declines of 4.1% and 3.3% as new supply continues to outpace demand.

Why Multifamily Momentum Is Limited

Despite the ongoing positive trend for multifamily rent growth, supply challenges continue to restrain rents in major markets. While much of the market has moved beyond peak construction levels, an inventory overhang persists, slowing price momentum nationally.

April 2026 saw broad, if modest, rent increases, but overall performance remains closely tied to local supply and demand dynamics. The multifamily sector faces a gradual recovery as excess inventory continues to weigh on market gains.