The Radix Review: Multifamily Trends Explained

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244

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Oct 2026

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Covering the latest trends in multifamily housing, demographics, and economic insights, built off real time analytics at the property, submarket and market level.

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October 27, 20262 min

Occupancy Holds Above Last Year While Annual Rent Gap Widens

Multifamily Operational Results Occupancy: Average U.S. occupancy edged up 0.01 percentage points on the week to 94.53%, holding 0.02 percentage points above last year for a second straight week. Leased occupancy fell 0.04 percentage points to 96.70%, a third consecutive weekly decline, though it remains 0.03 percentage points above last year. Occupancy has stayed between 94.48% and 94.58% for 10 weeks, so the market is holding a steady level rather than building on it. Leasing: Properties averaged 2.1 new leases for the second straight week and the fourth consecutive week without a weekly change, 0.2 below last year. Traffic was unchanged at 5.7 per property, 3.2 above a year ago. Four flat weeks of leasing alongside traffic that continues to run well ahead of last year suggest demand has settled at its seasonal floor. Rents and revenue: Net Effective Rent (NER) held at $1,781 and RevPAU held at $1,683, with neither moving on the week. Annual NER growth slipped to 0.8% below last year, from 0.5% below the week before, and RevPAU growth moved to 0.7% below last year, from 0.5% below. With current rents unchanged, both comparisons worsened because of firmer numbers a year ago. National rents have stayed between $1,774 and $1,781 for 13 weeks. Markets: Occupancy rose on the week in 15 of 28 markets, up from 6 last week, and 17 markets now sit above last year, up from 14. Atlanta, Dallas, Denver, Houston, Las Vegas, Miami, and Phoenix posted weekly occupancy gains. Occupancy and rents are moving in opposite directions in 12 markets, up from 11 last week, including Austin, Denver, Miami, and Phoenix. In each, occupancy is above last year while rents are below it, pointing to healthy demand against new supply that is limiting pricing power. Annual rent growth stayed positive in only 7 of 28 markets, the same count for five straight weeks. San Francisco led at 11.5% above last year, and Denver trailed at 4.6% below, a 16.1-percentage-point spread. Bottom line: Bottom line: Occupancy held above last year for a second week while rents and revenue stood still. Leasing has been flat for four weeks, traffic remains 3.2 per property above last year, and NER has moved within a $7 range for 13 weeks. The challenge is that the annual comparisons moved the wrong way this week, with NER 0.8% below last year and RevPAU 0.7% below, entirely because of stronger numbers a year earlier. The question heading toward year end is whether steady occupancy and traffic eventually lift rents, or whether pricing strength stays confined to the small group of markets still posting annual gains. Explore our webpage for more insights and resources: https://bit.ly/Radix_Website

October 20, 20263 min

Leased Occupancy Edges Past Last Year

Multifamily Operational Results Occupancy: Occupancy eased 2 basis points to 94.53%, holding even with a year ago for the second straight week. Leased occupancy slipped 4 basis points to 96.75% but moved 1 basis point above last year, the first time this fall it has topped the year-ago level. Leasing: Properties averaged 2.1 new leases, just below the 2.2 pace of the previous four weeks and still 0.2 below last year. Traffic eased to 5.8 per property but remained 3.1 above last year. Leasing pace remains near its seasonal floor. Rents and revenue: Net Effective Rent (NER) rose $1 to $1,779 and RevPAU rose $1 to $1,682. Annual NER growth improved to 0.5% below last year, from 0.6% below, and RevPAU growth improved by the same margin to 0.5% below. National rents have now stayed between $1,774 and $1,781 for six straight weeks. Markets: Occupancy and rents are moving in opposite directions in 11 markets for the second straight week: Austin, Charlotte, Denver, Greenville, Miami, Phoenix, Portland, Sacramento, Salt Lake City, Tampa and Tucson. In each, occupancy is above last year while rents are below it. The group changed at the edges: Salt Lake City joined as its rents slipped below last year, and Riverside left as its occupancy fell below last year. Rent growth stayed positive in only 7 of 28 markets for the fourth straight week, but the group shifted. Dallas turned positive at 0.6% above last year, from 0.2% below, while Salt Lake City slipped to 0.1% below. San Francisco led at 11.3% above last year and San Antonio trailed at 6.9% below, an 18.2-percentage-point spread, up from 17.5. Bottom line: Occupancy held even with last year for a second week, and leased occupancy moved above last year for the first time this fall. Rents stayed in a narrow range while annual rent and revenue growth both improved to 0.5% below last year. The question for the rest of the fourth quarter is whether demand at year-ago levels can lift pricing, or whether new supply keeps rent growth limited to a small and shifting group of markets. Explore our webpage for more insights and resources: https://bit.ly/Radix_Website

October 13, 20263 min

Occupancy Draws Level with Last Year

Multifamily Operational Results Occupancy: Occupancy rose to 94.55%, now exactly even with a year ago after trailing through the summer. Leased occupancy fell 6 basis points to 96.79%, within 1 basis point of last year. Leasing: Properties averaged 2.2 new leases for the fourth straight week, 0.2 below last year, down from a 0.4 gap the week before. Traffic ticked up slightly. Four steady weeks suggest demand has found its seasonal floor. Rents and revenue: Net Effective Rent (NER) held at $1,778 and RevPAU at $1,681, both within $2 of last week. Annual NER growth improved to 0.6% below last year, from 1.0% below. RevPAU growth improved to 0.6% below, from 1.1% below. With current rents steady, both gains came from softer numbers a year ago. National rents have stayed between roughly $1,775 and $1,780 for more than a month. Markets: Occupancy and rents are moving in opposite directions in 11 markets, up from 9 last week and 7 two weeks ago: Austin, Charlotte, Denver, Greenville, Miami, Phoenix, Portland, Riverside, Sacramento, Tampa and Tucson. In each, occupancy is above last year while rents are below it. Demand is healthy, but new supply is limiting rent growth. Bottom line: Occupancy matched last year for the first time this fall. Rents, occupancy and leasing all held steady on the week. Annual rent and revenue growth both improved to 0.6% below last year, thanks to softer numbers a year ago. The question for the fourth quarter is whether this stability turns into pricing power, or whether new supply keeps rent growth limited to a small group of markets. Explore our webpage for more insights and resources: https://bit.ly/Radix_Website

October 6, 20263 min

Q4 Opens with Occupancy Gains

Multifamily Operational Results The national multifamily market began the fourth quarter on firmer footing, led by the broadest occupancy improvement seen in several months. Average U.S. occupancy increased 7 basis points week over week to 94.54%, narrowing the year-over-year gap to just 8 basis points. The improvement was widespread, with 25 of 28 tracked markets posting occupancy gains. Leased occupancy remained essentially unchanged at 96.85% and now trails last year's level by only 4 basis points. While occupancy remains slightly below prior-year levels, the market has largely stabilized after the expected late-summer slowdown. Leasing activity remained steady. Properties averaged 2.2 new leases signed during the week, unchanged from the prior week and 0.4 leases below the same period last year. More notable than the level itself is the consistency: leasing activity has held at this pace for three consecutive weeks, suggesting demand has established its seasonal floor rather than continuing to weaken. Traffic was also largely unchanged, reinforcing the view that renter demand remains stable heading into the fall. Pricing continued to improve modestly, though momentum slowed. Net Effective Rent (NER) increased 0.1% week over week to $1,780, while annual NER growth for new leases held at -1.0%. After four consecutive weeks of narrowing annual rent gaps, progress paused this week. The positive takeaway is that rents are no longer losing ground relative to last year. The challenge is that they are not yet showing enough strength to close the remaining gap either. The contrast between occupancy and pricing remains one of the defining themes in the data. While occupancy improved across nearly every major market, rent growth remains concentrated in a relatively small group of outperformers. Only 7 of 28 tracked markets posted positive year-over-year rent growth, unchanged from the prior week. The spread between the strongest and weakest markets remained substantial at 16.7 percentage points, ranging from +10.5% in San Francisco to -6.2% in both San Antonio and Tampa. Several markets continue to illustrate the industry's supply-driven dynamic. Austin, Denver, Miami, Phoenix, Portland, Riverside, Sacramento, Tampa, and Tucson all reported occupancy levels above last year while rents remained below year-ago levels. That combination suggests demand remains healthy, but ongoing supply absorption continues to limit pricing power. Revenue performance improved slightly as occupancy strengthened. RevPAU increased 0.1% on the week to $1,683, while the year-over-year comparison improved to -1.1% from -1.2%. With annual rent growth unchanged, the improvement in revenue this week was driven primarily by stronger occupancy rather than pricing. Bottom Line: The fourth quarter opens with a multifamily market that appears fundamentally stable. Occupancy improved across nearly every major market, leasing activity has held at its seasonal floor for three consecutive weeks, and revenue remains within roughly one percentage point of last year's pace. The remaining challenge is pricing. While occupancy gains have become increasingly broad-based, rent recovery remains limited to a relatively small group of markets. The key question for the quarter is whether widespread occupancy strength ultimately translates into stronger pricing power, or whether elevated supply continues to keep those two metrics moving on separate tracks. Explore our webpage for more insights and resources: https://bit.ly/Radix_Website

September 29, 20263 min

Steady Demand, Mixed Pricing Signals

Multifamily Operational Results The national multifamily market remained largely stable during the week ending September 20, with fundamentals continuing to track close to prior-year levels despite modest week-over-week declines. Average U.S. occupancy slipped 4 basis points to 94.48%, leaving it just 13 basis points below the same period last year. Leased occupancy fell 6 basis points to 96.86%, trailing year-ago levels by only 7 basis points. While occupancy briefly firmed in mid-September, that momentum has leveled off, leaving the market essentially unchanged from where it stood a month ago. Leasing activity also showed signs of stabilization. Properties averaged 2.2 new leases signed during the week, down just 0.1 from the prior week and 0.4 below the same period last year. Notably, that year-over-year gap has remained unchanged for two consecutive weeks, suggesting leasing demand has found its seasonal floor rather than continuing to weaken. Traffic levels were also unchanged, reinforcing the view that the market has transitioned into its typical fall leasing pattern. Rent performance presented a mixed picture. Net Effective Rent (NER) declined 0.2% week over week to $1,774 and was essentially flat compared to one month ago. However, annual NER growth for new leases improved to -1.0%, narrowing from -1.1% the prior week and marking the fourth consecutive week of year-over-year improvement. It's important to note that the improvement in the annual comparison was driven primarily by a more favorable comparison period rather than accelerating rent growth in the current week. While pricing conditions continue to improve gradually, the weekly data suggests momentum remains modest. Market-level performance continues to tell a much different story than the national average. Of the 28 markets reporting rent data, only 7 posted positive annual rent growth, down from 10 the prior week, while 21 markets remained negative. The spread between the strongest and weakest markets remained substantial at 17.4 percentage points, ranging from +11.1% in San Francisco to -6.3% in Tampa. Several markets, including Austin, Denver, Phoenix, Portland, Riverside, Sacramento, and Tucson, continue to report occupancy levels above last year despite declining rents. This pattern remains consistent with supply-driven pricing pressure rather than weakening demand, as new inventory continues to be absorbed across many Sun Belt markets. Revenue performance closely mirrored rent trends. RevPAU declined 0.3% on the week to $1,676, while the year-over-year comparison remained unchanged at -1.2%. Revenue has largely followed rent movements throughout September, with pricing remaining the primary driver of improvement or weakness. Bottom Line: September ended with a multifamily market that appears balanced but not particularly dynamic. Occupancy remains within striking distance of last year's levels, leasing demand has stabilized at a typical fall pace, and annual rent comparisons have improved for four consecutive weeks. However, the underlying details are less robust than the headline numbers suggest. Weekly rent growth turned negative, the number of markets posting positive rent growth declined, and much of the improvement in annual comparisons is being driven by easier year-over-year benchmarks rather than accelerating fundamentals. The key question heading into October is whether pricing can begin generating sustained momentum on its own, or whether the recent improvement in annual rent and revenue metrics fades as comparison periods become less favorable. Explore our webpage for more insights and resources: https://bit.ly/Radix_Website

September 22, 20263 min

Rent Recovery Continues as Market Performance Splits

Multifamily Operational Results The national multifamily market remained largely stable during the week ending September 20, with occupancy continuing to track closely to last year's levels. Average U.S. occupancy was 94.53%, down just 4 basis points from the prior week and only 10 basis points below the same period a year ago. Leased occupancy declined modestly to 96.92%, trailing last year's level by just 5 basis points. Importantly, occupancy now sits slightly above where it stood a month ago, indicating that the typical late-summer decline has largely run its course and fundamentals have stabilized as the market moves deeper into the fall season. Leasing activity has settled into a more seasonal rhythm. Properties averaged 2.2 new leases signed during the week, unchanged from the prior week and 0.4 leases below the same period last year. While the year-over-year gap widened slightly, leasing volume itself has stabilized, suggesting demand is finding its typical post-summer baseline rather than experiencing a new downturn. Demand remains healthy and continues to track much closer to historical norms than it did earlier in the year. Rent performance continued its gradual improvement. Net Effective Rent (NER) increased 0.1% week over week to $1,775 and is now up 0.4% over the past month. Annual NER growth for new leases improved to -1.1%, marking the third consecutive week the year-over-year rent gap has narrowed. While pricing remains the primary factor holding overall performance below last year's levels, the trend since late August has been consistently positive. The national averages, however, mask increasingly divergent conditions at the market level. Among the 28 tracked markets reporting net effective rent data, 10 posted positive year-over-year rent growth while 18 remained negative. The gap between the strongest and weakest markets expanded to 18.2 percentage points, ranging from +10.6% in San Francisco to -7.6% in San Antonio. Several markets, including Austin, Denver, Phoenix, Portland, Riverside, Sacramento, and Tucson, continue to report occupancy above last year's levels despite declining rents. That combination points to a market where demand remains healthy but pricing is pressured by new supply coming online, reinforcing that supply absorption, rather than weakening demand, remains the dominant story across much of the Sun Belt. Revenue trends continued to improve alongside pricing. RevPAU increased 0.1% on the week to $1,678 and is up 0.5% over the past month. The year-over-year comparison improved to -1.2%, continuing a steady recovery. Unlike earlier this year when occupancy gains drove most of the improvement, recent revenue gains are increasingly being fueled by stronger rent performance while occupancy remains relatively unchanged. Bottom Line: National multifamily fundamentals remain stable. Occupancy is effectively back to year-ago levels, leasing activity has settled into its expected seasonal pace, and rents have improved for three consecutive weeks. The larger story, however, is the growing divergence between markets. National averages suggest balance, but local conditions vary dramatically depending on supply dynamics, with an 18-point spread between the strongest and weakest major markets. As the industry heads further into the fall, the key question is no longer whether demand can recover, but whether improving pricing trends can continue and whether market-level performance continues to diverge. Explore our webpage for more insights and resources: https://bit.ly/Radix_Website

September 15, 20262 min

Occupancy Stabilizes, Rent Performance Improves

Multifamily Operational Results The national multifamily market remained remarkably stable during the week ending September 13, with occupancy continuing to track very closely to prior-year levels. Average U.S. occupancy was 94.56%, down just 2 basis points from the prior week and only 9 basis points below the same period last year. Leased occupancy declined modestly to 97.00%, trailing year-ago levels by 9 basis points. While occupancy has eased from its summer peak, the decline is consistent with normal seasonal patterns following the close of the primary leasing season. More importantly, both occupancy measures remain effectively in line with last year's performance. Leasing activity continued its expected seasonal moderation. Properties averaged 2.3 new leases signed during the week, down from 2.5 the prior week and slightly below the 2.5 leases recorded during the same week last year. While demand softened modestly, leasing velocity remains significantly stronger than it was earlier in the year and continues to track close to historical norms. Pricing remains the most encouraging trend in the data. Net Effective Rent (NER) increased 0.1% week over week to $1,781, while annual NER growth for new leases improved to -1.2%, narrowing from -1.5% the prior week. This marks the second consecutive week of improvement and suggests pricing pressure is gradually easing across the market. While rents remain below last year's levels, the direction of change has been consistently positive. That national average, however, masks substantial differences across markets. Among the 28 markets tracked, annual rent growth ranged from +9.6% in San Francisco to -6.9% in San Antonio, creating a 16.5-point spread between the strongest and weakest performers. Notably, several markets, including Austin, Denver, Miami, Phoenix, Portland, Riverside, Sacramento, and Tucson, reported occupancy levels above last year despite negative rent growth. This combination typically reflects supply-driven pricing pressure rather than weakening demand, as new inventory continues to be absorbed without materially impacting occupancy. Revenue performance remained stable and continued to improve on a year-over-year basis. RevPAU held at $1,684 for the week, while the annual comparison improved to -1.3% from -1.6% the prior week. Unlike earlier in the year when occupancy gains drove most of the improvement, recent revenue gains are increasingly being fueled by stronger pricing trends. Bottom Line: Occupancy and demand have largely recovered to year-ago levels, shifting the focus to rent growth. Pricing improved for a second consecutive week and is now the primary driver behind narrowing revenue gaps. While national fundamentals appear balanced, performance remains highly market-specific as supply conditions continue to shape outcomes across regions. The key question heading into the fall is whether improving rent momentum can continue once seasonal leasing demand fades further. Explore our webpage for more insights and resources: https://bit.ly/Radix_Website

September 8, 20262 min

Demand Holds Level with Last Year as the Rent Gap Narrows

Multifamily Operational Results The national multifamily market held its ground during the week ending September 6, with annual comparisons continuing to tighten as the calendar turns past peak season. Average U.S. occupancy was 94.54%, up 1 basis point week over week and now just 11 basis points below the same period last year, narrowing again from 16 basis points the prior week. Leased occupancy was 97.06%, down 3 basis points on the week and trailing last year by only 6 basis points. Occupancy is off 39 basis points from a month ago, the normal seasonal give-back as the summer leasing window closes, which makes the annual comparison the more meaningful read. Leasing activity eased with the season but held pace with last year. Properties averaged 2.5 new leases signed during the week, down 0.2 week over week, with the year-over-year comparison flat for a second consecutive week. The slowdown is calendar driven rather than demand driven, and the pace remains level with where the market stood at this point last year. Pricing was essentially unchanged. Net Effective Rent (NER) held at $1,773, down 0.1% week over week, while annual NER growth for new leases improved to -1.5% from -1.7% the prior week. Rents remain the primary drag on year-over-year performance, though the gap continues to close. Market-level performance remains widely dispersed, with several coastal markets posting solid positive annual growth while much of the Sun Belt is still absorbing supply in negative territory. Revenue performance tracked pricing. RevPAU was $1,676, down 0.1% week over week, while the annual comparison improved to -1.6% from -1.9%. Revenue is closing its gap on the same track as rents, with occupancy and demand effectively back to last year's levels. Bottom Line: Demand and occupancy have effectively returned to last year's levels, and both the rent and revenue gaps narrowed again this week. Pricing remains the last piece still catching up. The question heading deeper into the fall is whether these annual comparisons keep closing once the seasonal tailwind from peak leasing is fully behind the market. Explore our webpage for more insights and resources: https://bit.ly/Radix_Website

September 1, 20262 min

Demand Fully Recovers as Occupancy Nears Year-Ago Levels

Multifamily Operational Results The national multifamily market remained stable during the week ending September 6, with year-over-year comparisons continuing to improve as the industry moves beyond peak leasing season. Average U.S. occupancy increased slightly to 94.54%, up 1 basis point on the week and now just 11 basis points below the same period last year, improving from a 16-basis-point gap the prior week. Leased occupancy held at 97.06%, down only 3 basis points week over week and trailing last year's level by just 6 basis points. While occupancy has naturally eased from its summer peak, the narrowing year-over-year comparisons suggest underlying fundamentals remain healthy. Leasing activity moderated seasonally but continued to perform in line with last year. Properties averaged 2.5 new leases signed during the week, down 0.2 from the prior week but matching the pace recorded during the same period last year for the second consecutive week. The slowdown reflects the normal seasonal transition out of peak leasing activity rather than any deterioration in renter demand. Pricing remained largely unchanged. Net Effective Rent (NER) held at $1,773, declining just 0.1% week over week, while annual NER growth for new leases improved to -1.5% from -1.7% the previous week. Although rent growth remains the weakest component of multifamily performance, the year-over-year gap continues to narrow. Performance remains highly market-dependent, with several coastal markets generating positive rent growth while many Sun Belt markets continue to absorb elevated supply levels. Revenue trends also improved. RevPAU held essentially flat at $1,676, down 0.1% on the week, while the year-over-year comparison improved to -1.6% from -1.9% the prior week. With occupancy and leasing activity now largely aligned with last year's levels, revenue continues to recover as pricing gradually improves. Bottom Line: Multifamily fundamentals remain on solid footing. Demand and occupancy have effectively returned to year-ago levels, while rent and revenue gaps continue to narrow. As the market moves deeper into the fall leasing season, the key question is whether improving fundamentals can continue to support pricing gains once the seasonal leasing tailwind is fully behind the market. Explore our webpage for more insights and resources: https://bit.ly/Radix_Website

August 25, 20262 min

Demand Holds Strong as Occupancy Stabilizes

Multifamily Operational Results The national multifamily market showed signs of stabilization during the week ending August 23, with occupancy recovering a portion of the prior week's decline. Average U.S. occupancy increased 10 basis points to 94.44%, though it remains 26 basis points below the same period last year. Leased occupancy also improved, rising 13 basis points to 96.93%, while continuing to trail year-ago levels by 48 basis points. Importantly, last week's widespread occupancy decline did not continue, suggesting fundamentals have found firmer footing as the leasing season enters its final stretch. Leasing activity remained a bright spot. Properties averaged 2.6 new leases signed during the week, matching the prior week and narrowing the year-over-year gap to just 0.2 leases per property. This is the closest leasing performance has come to last year's pace in recent months and signals that renter demand remains resilient despite broader market pressures. Pricing, however, showed little movement. Net Effective Rent (NER) increased just 0.1% week over week to $1,769, while annual NER growth for new leases remained negative at 1.7%. Although market-level performance varied significantly, those gains and losses largely offset one another, leaving national rent growth essentially flat. Revenue trends followed a similar pattern. RevPAU rose 0.2% on the week to $1,670, but year-over-year growth slipped slightly to -2.0%. While stronger demand and improving occupancy helped stabilize revenue, soft pricing continues to limit meaningful growth. Bottom Line: Demand remains the strongest component of the current multifamily landscape. Leasing activity has nearly returned to last year's pace and occupancy has stabilized following last week's decline. However, pricing remains under pressure, keeping revenue growth in negative territory. The key question for the remainder of the leasing season is whether sustained demand and firmer occupancy begin translating into improved pricing power. Explore our webpage for more insights and resources: https://bit.ly/Radix_Website

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