SANTA BARBARA, Calif., June 4, 2026 – While U.S. multifamily advertised rents rose in May 2026, key indicators suggest that rent growth will remain weak throughout the year, according to new data released by Yardi^® Matrix.

The market sustained the advertised rent increase traditionally seen in the busy spring leasing season, with the average rent rising $6 from April and 0.2% year-over-year. However, year-over-year advertised rents declined in 18 of the 30 Yardi Matrix top metros, and “the spring leasing season is generating less pricing power than it did historically,” according to a new Yardi Matrix national report

San Francisco, Chicago, New York City and Minnesota’s Twin Cities were the year-over-year rent growth leaders in May. Meanwhile, high-supply metros such as Austin, Texas; Phoenix; Denver; and Tampa, Fla., recorded negative rent growth.

Rents increased 1% through the first five months of the year, matching the average pace over the same period the past four years but measuring only about half the pre-pandemic norm.

Softening demand from a wave of deliveries, the large number of properties in lease-up and widespread economic uncertainty has pushed the national occupancy rate to its lowest level since 2013.

Get more insights into supply, demand, demographics, occupancy and other key market forces in the Yardi Matrix Multifamily National Report for May 2026.

Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/ build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email matrix@yardi.com, call (480) 663-1149 or visit yardimatrix.com to learn more.

About Yardi
Yardi^® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.

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SANTA BARBARA, Calif., June 3, 2026 – Preleasing activity at the Yardi^® 200 schools is following the deceleration pattern of the past two years, with the 7.6% month-over-month growth recorded in April 2026 trailing the 8.6% rate in the first three months of the year.

The estimated 71.6% preleasing at the Yardi 200 schools in April was 200 basis points above the final Yardi® Matrix estimate for March but lagged the rates recorded in April 2022, 2023 and 2024. That is due to a “more challenging preleasing environment” that operators are facing compared to prior years, which stems from “competition from new supply and weakness in the conventional multifamily sector,” according to a new national report from Yardi Matrix.

Meanwhile, year-over-year rent growth measured 1.2% in April, up from 0.8% and 0.4% in March and February, respectively. This acceleration, the first over two consecutive months since early 2023, suggests that “operators are regaining confidence in pricing going into the summer leasing season,” the report says.

The preleasing pace varies considerably by schools, with some universities, including Virginia Tech, the University of Missouri, Western Carolina University and Penn State University, already approaching last year’s final occupancy levels. Other markets, such as the University of Houston, the University of Texas at Arlington, Cornell University and Sam Houston State University, are struggling to gain momentum in both preleasing and rent growth.

A recent Yardi Matrix webinar addressed key student housing issues including enrollment growth, preleasing and rent growth in the upcoming academic year, investment activity and more.

More information about the student housing environment is available in the Yardi Matrix Student Housing National Report for May 2026.

Get more in-depth information about U.S. student housing market fundamentals in the April 2026.

Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/ build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email matrix@yardi.com, call 480-663-1149 or visit yardimatrix.com to learn more.

About Yardi
Yardi^® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.

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SANTA BARBARA, Calif., May 28, 2026 – The U.S. self storage market’s 1% month-over-month advertised rate growth in April 2026 starts the busy spring leasing season on a positive note.

Although April’s year-over-year national advertised rate growth rate fell 1.9%, most of the top 30 metros saw stronger year-over-year performance that month than in March, according to new research from Yardi^® Matrix.

The principal driver of the improving performance was the 0.6% in-place rent growth in Q1 2026. Stabilizing occupancy that countered continued demand weakness and a longer-term slowdown in move-in activity were other key factors in the results.

The new report documents the clear connection between operating performance and local supply conditions in the current uncertain demand environment. Elevated new supply in Florida, Las Vegas, Phoenix and other Sun Belt markets, for example,
continues to pressure pricing and drive revenue declines. Meanwhile, limited or declining supply in metros such as Boston, Chicago and Minneapolis is supporting healthy revenue growth.

“Most [self storage] REITs anticipate further sequential improvement in fundamentals in 2026 and beyond” as development activity continues to cool, the report says.

Get more insight into self storage supply and rent trends in the Yardi Matrix Self Storage National Report for May 2026, which draws from 2,560 self storage properties in various stages of development. Yardi Matrix also maintains operational profiles for 32,919 completed U.S. self storage facilities.

Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email matrix@yardi.com, call (480) 663-1149 or visit yardimatrix.com to learn more.

About Yardi
Yardi^® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.

The post Yardi Matrix Records Self Storage Rent Growth as Seasonal Leasing Quickens appeared first on Yardi Matrix Blog.

SANTA BARBARA, Calif., May 20, 2026 – The modest increase in new self storage development activity at the end of 2025 led Yardi^® Matrix to increase its new supply forecast for 2026.

Current construction completion times suggest that most of the 54 million net rentable square feet, or NRSF, of inventory at the end of last year will complete in 2026. The supply forecast estimates that new supply in 2027 will total about 45 million NRSF, with 38.62 NRSF coming in 2028.

With Q1 2026 construction starts 29% below the pace recorded a year ago, “2025’s decline in new construction is continuing into 2026,” showing “few signs that a near-term rebound in self storage demand will take hold” this year, according to a new Self Storage Supply Forecast Update from Yardi Matrix.

Advertised rental rates remain under pressure and long-term interest and mortgage rates remain elevated. This suppresses transactions, new development and single family home sales, a key self storage demand driver.

The revised estimate also accounts for the 30 new markets that Yardi Matrix has added to its coverage since July 2025.

Read about the factors driving the U.S. self storage market through 2031 in the Yardi Matrix Self Storage Supply Forecast Update for Q2 2026.

Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, affordable, student housing, vacant land, industrial, office, retail and self storage property types. Email matrix@yardi.com, call 480-663-1149 or visit yardimatrix.com to learn more.

About Yardi
Yardi^® develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,500 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.

The post Pipeline Elevates Yardi Matrix Self Storage Supply Forecast appeared first on Yardi Matrix Blog.

SANTA BARBARA, Calif., May 6, 2026 – While the advertised rent increase in April 2026 lagged historical levels, stabilization in some high-supply U.S. multifamily markets offers the promise of slow but gradual rent growth as supply normalizes and excess inventory is absorbed over time, Yardi^® Matrix reports.

The average U.S. advertised rent reached $1,758 in April, up $4 from March but down 0.2% year-over-year. Nearly two-thirds of the Yardi Matrix top 30 metros experienced negative year-over-year advertised rent growth in April.

The $4 advertised rent increase was less than the usual seasonal bump. The multifamily market faces multiple headwinds including falling consumer confidence, soft job growth, rising energy prices and, most notably, the elevated volume of new supply working through lease-up. And with moderating population growth and cooling migration trends making near-term acceleration in demand unlikely, “rent growth is expected to recover gradually as supply normalizes and excess inventory is absorbed over time,” according to a new national report from Yardi Matrix.

However, rent growth in April in high-supply markets such as Miami, Phoenix, Denver and Dallas “suggests conditions may be beginning to turn a corner, though a gradual recovery is still expected” and the trend is not broad-based or sustained, the report notes.

Get more insights into supply, demand, demographics, occupancy and other key market forces in the Yardi Matrix Multifamily National Report for April 2026.

Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/ build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email matrix@yardi.com, call (480) 663-1149 or visit yardimatrix.com to learn more.

About Yardi
Yardi^® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.

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SANTA BARBARA, Calif., May 6, 2026 – The latest quarterly Yardi^® Matrix multifamily supply forecast features a 2% increase in projected completions for 2026, reflecting updates to the under-construction pipeline since the Q1 update.

The new forecast also notes that the under-construction pipeline has consistently declined since March 2024, putting 2026 on track to be the first year to record a meaningful decline in new supply since the post-pandemic supply wave. The updated 2026 forecast total, 478,239, is almost 25% less than the completions recorded in 2025.

The completions forecast for 2027 and 2028 remains unchanged from the Q1 forecast.

Read more about construction starts, days in construction, planned and prospective pipelines, and more in the Yardi Matrix Multifamily Supply Forecast for Q2 2026.

Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/ build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email matrix@yardi.com, call (480) 663-1149 or visit yardimatrix.com to learn more.

About Yardi
Yardi^® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.

The post Pipeline Prompts Revised Yardi Matrix Multifamily Completions Forecast appeared first on Yardi Matrix Blog.

SANTA BARBARA, Calif., April 22, 2026 – Preleasing at the Yardi^® 200 schools reached 65.5% in March 2026, 340 basis points above the final estimate from March 2025, although this early estimate is likely to be revised downward as more data comes in.

Yardi^® Matrix analysis also shows that while March student housing rents increased from their January and February levels, the growth was significantly less than that seen in March 2025 and March 2024.

These trends reflect “a more challenging pricing environment this year, as residents have become more savvy to strategies that push rate growth early in the season and adjust rates downward later to fill remaining beds,” a new Yardi Matrix national report states.

Despite the near-term softness, “the outlook remains solid, with operators emphasizing pricing discipline and data-driven strategies in a more resident-controlled environment” that includes new supply, competitive multifamily offerings and affordability concerns, according to the report.

Markets where enrollment gains outpace new supply, such as Auburn University and the University of Nevada-Reno, showed strong rent growth in March. Other markets where new development followed prior rent gains have experienced sharp rent declines, including Purdue University and the University of Arizona.

Get more in-depth information about U.S. student housing market fundamentals in the Yardi Matrix National Student Housing Report for April 2026.

Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/ build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email matrix@yardi.com, call 480-663-1149 or visit yardimatrix.com to learn more.

About Yardi
Yardi^® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.

The post March Student Housing Preleasing Exceeds 2025 Level, Yardi Matrix Reports appeared first on Yardi Matrix Blog.

SANTA BARBARA, Calif., April 22, 2026 – Subdued advertised rate growth in U.S. self storage reflects ongoing demand softness across markets and unit types, according to new data from Yardi^® Matrix.

National advertised rates decreased 2% in March 2026, more than the 1.2% and 0.4% declines in February and January, respectively. Almost all of the Yardi Matrix top 30 metros had lower year-over-year rate growth in March compared to February, and all top metros experienced negative annual growth. Moreover, the decline in advertised rates spans non-climate-controlled and climate-controlled units.

“Few near-term catalysts for a meaningful turnaround in demand are evident, as a historically weak housing market and ongoing development continue to pressure rental rates,” especially in Sun Belt markets that are struggling to absorb excess supply, according to a new national report from Yardi Matrix.

On the positive side, the market has hosted a high level of investment activity in recent months, including Public Storage’s $10.7 billion acquisition of National Storage Affiliates.

Get more insight into U.S. street rate growth trends, new supply and more in the Yardi Matrix Self Storage National Report for April 2026, which draws from 2,619 self storage properties in various stages of development. Yardi Matrix also maintains operational profiles for 32,803 completed U.S. self storage facilities.

Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email matrix@yardi.com, call (480) 663-1149 or visit yardimatrix.com to learn more.

About Yardi
Yardi^® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.

The post U.S. Self Storage Advertised Rates Fall Again, Yardi Matrix Reports appeared first on Yardi Matrix Blog.

SANTA BARBARA, Calif., April 8, 2026 – U.S. multifamily rents rose in March 2026 for the sector’s first monthly gain since last summer, according to data collected and analyzed by Yardi^® Matrix. While the increase suggests early signs of seasonal momentum, an ongoing supply glut, reduced immigration, slowing job creation and overseas tensions could jeopardize prospects for ongoing growth.

The $4 increase in the average advertised rent in Q1 2026 represented a 0.2% growth rate, less than normal for a year’s first quarter. The flat year-over-year performance stands as the weakest growth in March since 2012.

The March rent growth was broadly distributed across markets and delivered some welcome relief. However, an ongoing supply glut, particularly across Sun Belt markets, combine with economic headwinds and escalating tensions in the Middle East to create ongoing uncertainty.

“Affordability pressures are already elevated, and higher energy costs … erode discretionary income and disproportionately impact lower-income households, further limiting renters’ ability to absorb rising housing costs,” states a new national report from Yardi Matrix.

New York City, San Francisco, Chicago and Minnesota’s Twin Cities were the year-over-year rent growth leaders in March. Rent growth remained negative in high-supply metros led by Austin Texas; Denver; Tampa, Fla.; and Phoenix.

Get more insights on supply, demand, demographics, global tensions, AI and other factors affecting the multifamily sector in the Yardi Matrix Affordable Housing National Report for March 2026.

Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/ build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email matrix@yardi.com, call (480) 663-1149 or visit yardimatrix.com to learn more.

About Yardi
Yardi^® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.

The post Yardi Matrix Reports Modest U.S. Multifamily Rent Growth in Q1 2026 appeared first on Yardi Matrix Blog.

SANTA BARBARA, Calif., April 1, 2026 – Estimated preleasing for the Yardi^® 200 schools in February 2026 exceeded the initial estimates from the previous two Februarys even as rent growth continues to decelerate, according to new data from Yardi^® Matrix.

Preleasing reached 58.6% in February, tracking ahead of final February figures in previous years. But while the average per-bed rent rose year-over-year that month, the 0.4% growth represents a decline from January’s 0.6% growth and was well below the 3.5% growth recorded in February 2025.

“Despite solid enrollment growth of 1.8% in fall 2025 and relatively modest supply additions, early indicators for the 2026-2027 academic year point to a normalization in performance following years of record growth,” according to a new report from Yardi Matrix.

Other key factors include competition from a soft multifamily sector, particularly in urban markets where some new multifamily projects have targeted student residents while in lease-up.

Get more in-depth information about U.S. student housing market fundamentals in the Yardi Matrix National Student Housing Report for March 2026.

Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/ build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email matrix@yardi.com, call 480-663-1149 or visit yardimatrix.com to learn more.

About Yardi
Yardi^® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.

The post Yardi Matrix: Elevated Preleasing, Rent Deceleration Mark Student Housing appeared first on Yardi Matrix Blog.