(When) Will Rent Growth Return to Normal?
Peak rental season is in full swing, and there are signs that seasonal apartment rent growth patterns are returning to pre-pandemic norms. Coinciding with the substantial wave of new supply, apartment rent growth in recent years has peaked several months earlier than usual, but early rent growth data for May suggests a stronger late-Spring rental market more in line with historical averages. The multifamily market continues to work through elevated supply, but returning seasonality and improving occupancy are positive signs for apartment operators, especially in standout markets in the Midwest.
National YoY Rent Growth Average, February 2026*
-0.45% ↓
* Based on data from RealPage, Zillow, Yardi Matrix, Apartment List, and CoStar
National Occupancy Average, February 2026*
93.35% ↑
* Based on data from RealPage, Yardi Matrix, Apartment List, and CoStar
3.63% ↑
3.64% –
The Apartment Market and the Economy
Rent Growth Up in May, but South and West Regions Pushing Down National Average (Apartment List)
Why Apartments Still Lead the Pack as Capital Rotation Reshapes CRE (RealPage)
US Consumer Confidence Edged Downward in May (The Conference Board)
Why CRE remains well positioned despite inflation and interest rate headwind (Marcus & Millichap)
Multifamily Capital Markets
Multifamily Capital Markets Rebalancing, Supply Pressures Peak as the Pipeline Thins (Colliers)
Multifamily Lending Mid-Year: Agency Lending Up, “Debt markets remain highly liquid” (Berkadia)
Multifamily Rents Up 0.7% YoY in May (CoStar)
Who Is the Top Fannie Mae Multifamily Lender in 2026? (CRED iQ)
Multifamily and Housing Markets
Census Bureau: Rent Prices Continue to Rise, While Absorption Remains Low (NAHB)
Home Price Expectations Survey: 1.7% Growth in ’26, 2.0% in ’27 (Fannie Mae)
Berkshire’s bet on homebuilder Taylor Morrison suggests the housing market may have bottomed (CNBC)
CRE Markets and Reports
Federal Reserve Paper: CRE Loans Extended Without Pretending? (Federal Reserve)
2026 U.S. Data Center Market Outlook: Vacancy at Record Lows, Power Supply Limits Growth (Newmark)
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