National asking rents in February posted their first increase in over seven months, according to the latest Yardi Matrix National Multifamily Report.
The report found the average U.S. asking rent rose by $1 to $1,713 last month, a slight 0.6% year-over-year uptick. Over the same period, occupancy decreased 60 basis points from one year ago to 94.5%.
Markets in the Northeast and Midwest recorded rent increases while rent declines were seen in what Yardi defined as “high-supply Sun Belt markets.” Of Yardi Matrix’s top 30 metros, 13 posted rent declines and five were down by 3% or more year-over-year. Occupancy was positive only in San Francisco and that was only by a scant 0.1%.
“While high-demand markets are likely to record weak rent growth over the next year or two, the seeds of a rebound have been planted, as starts are declining and deliveries will drop in 2026 and 2027,” said the Yardi report.
;
