Report highlights

• Preleasing at Yardi 200 reached 71.6% in April, up 200 basis points from March
• Annual rent growth increased to 1.2%, marking the second consecutive monthly acceleration
• The average advertised rent per bed rose to $931
• Operators reported a more competitive leasing environment due to new supply and softness in conventional multifamily markets

Preleasing remains ahead of last year despite increased competition

Student housing preleasing for the 2026-2027 academic year reached an estimated 71.6% in April, up from 69.6% in March. Although leasing activity continues to track ahead of last year, the pace has slowed relative to the previous three years as operators contend with increased competition from newly delivered communities and weakness in the conventional apartment sector.

April’s month-over-month increase of 7.6% was below the average 8.6% growth recorded from January through March. While preleasing patterns remain similar to recent years, leasing activity has recently begun to trail the stronger performances recorded in 2022 through 2024.

Several universities are nearing last year’s final occupancy levels. Virginia Tech led reporting markets at 97.2% preleased, followed by the University of Missouri at 93.7%, Western Carolina at 93.3% and Penn State at 92.7%. Cincinnati, Iowa and Clemson were among the schools posting some of the strongest year-over-year gains.

Meanwhile, some markets continue to lag. Houston, UT-Arlington, Cornell University, Sam Houston State University and UC Berkeley remained among the lowest-preleased markets in April. Several universities with large development pipelines under construction, including NC State, Tennessee, Central Florida, Arizona State and Purdue, also trailed last year’s leasing pace.

Rent growth improves for a second consecutive month

Average asking rent reached $931 per bed in April, representing 1.2% year-over-year growth. Although growth remains well below the levels recorded during the peak leasing years of 2023 and 2024, April marked the first time since early 2023 that annual rent growth accelerated for two consecutive months. Growth increased from 0.4% in February to 0.8% in March and 1.2% in April.

Same-store rent growth improved to 0.4% in April after registering 0.0% in March and -0.2% in February. The disparity between same-store growth and overall asking rent growth suggests that leased-up properties are driving much of the pricing strength seen this spring.

Among the strongest-performing rent-growth markets, Utah State posted 7.8% annual growth, followed by James Madison at 7.6% and Iowa State at 6.6%. Several markets that had experienced significant rent pressure earlier in the year also improved, including Northern Arizona, Baylor, Tennessee and the University of Michigan.

Read the full Yardi Matrix Student Housing Market Report: May 2026.

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• The national average annualized advertised asking rate per square foot rose 1.0 percent on a monthly basis to $16.22 for the combined mix of units and sizes.
• On a monthly basis, rates for both non-climate and climate-controlled units registered positive movement across 29 of the Top 30 metros.
• The national under-construction pipeline totaled 46.2 million square feet, or 2.2 percent of total stock, down 0.3 percent year-over-year.
• Phoenix and Sarasota-Cape Coral continue to rank highest in terms of under-construction supply, though both metros recorded negative movement month-over-month.

Rates continue to rise on a monthly basis

April saw the national average annualized advertised asking rate per square foot rise 1.0 percent on a monthly basis to $16.22 for the combined mix of units and sizes.

Over the past month, 29 of the Top 30 metros tracked by Yardi Matrix recorded positive growth in terms of advertised asking rates. San Antonio was the only metro on the list whose values remained flat month-over-month.

Year-over-year, however, rates for non-climate-controlled units registered negative movement across 29 of the Top 30 metros and across 27 out of the same 30 for climate-controlled units.

National pipeline slows down

April saw 2,560 self storage properties in all stages of development nationwide, with 618 properties under construction, or 2.2 percent of total stock, 1,642 planned and 300 prospective projects.  

Across the U.S., there were approximately 46.2 million net rentable square feet under construction during the same month, down 0.1 percent since March 2026 and 0.3 percent since March 2025. Out of Yardi’s top 30 metros, only three saw positive movement month-over-month in terms of development, 12 metros’ registered negative growth and 15 flatlined. For a third month in a row, Portland, Ore. ranked last on the list, with an under-construction supply accounting for 0.5 percent of existing inventory, unchanged since February.

The three metros that recorded an increase in under-construction supply month-over-month were San Diego (3.1 percent, up 110 basis points), Houston (2.7 percent, up 10 basis points) and Boston (1.7 percent, up 40 basis points).

Phoenix and Sarasota-Cape Coral occupied the top two positions in the national ranking for the same metric, both at 6.5 percent of new development from existing inventory, despite seeing negative growth. Phoenix’s supply dropped 20 basis points, while Sarasota-Cape Coral’s recorded a steeper, 130-basis-point drop from March through April.

Read the full Yardi Matrix National Self Storage Market Outlook: May 2026.

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• The national office vacancy rate clocked in at 17.6 percent in April—210 basis points lower over the past 12 months.
• The national full-service equivalent listing rate stood at $32.91 per square foot in April—11 cents higher from the previous month.
• The office pipeline comprised 29.4 million square feet, representing 0.4 percent of total stock.
• Office investment volume generated $7.8 billion, with properties selling for $218 per square foot on average.

Miami leads vacancy recovery

As of April, the national office vacancy rate stood at 17.6 percent—210 basis points lower year-over-year. Miami recorded the lowest rate nationwide, 12.5 percent, representing a 300-basis-point decline over the past 12 months. The metro’s rate kept declining from the 15.7 percent registered in early 2025.

Miami’s improvement is tied to its strong growth in office-using employment, with the financial activities sector being the key driver. Miami experienced a wave of corporate relocations in recent years, as many companies took advantage of Florida’s business-friendly environment. Palantir plans to move its headquarters here from Denver, while JPMorgan, Amazon and Citadel all expanded their operations in the metro.

Manhattan followed with a 13.1 percent rate and recording the same year-over-year improvement. In contrast, Seattle’s 25.2 percent stood out as the highest vacancy rate nationwide, despite a 180-basis-point recovery.

As for vacancy improvement, San Francisco led all markets, down 570 basis points year-over-year, followed by Denver (-470 basis points).

The national full-service equivalent listing rate stood at $32.91 per square foot—up 11 cents from the previous month and down 1.3 percent year-over-year. Manhattan remained the top metro for office rents, at $69.29 per square foot, followed by San Francisco’s $62.03 per square foot.

Class A development still the driver as activity dwindles

The national office pipeline included 29.4 million square feet in April—accounting for 0.4 percent of existing stock. Class A and Class A+ space represented the majority of pipeline, as these projects total 25.2 million square feet of 86 percent of the under-construction inventory. In contrast, Class B accounts for only 14 percent of the pipeline, at just 4.1 million square feet.

Boston led the charts for construction activity, with 3.9 million square feet underway. Manhattan and Dallas followed, with 2.9 million square feet and 2.7 million square feet, respectively. Orlando, Fla., stood at the end of the list, with 196,925 square feet underway, just below Chicago’s 202,568 square feet.

Construction activity remains low. In 2025, construction starts totaled 21.6 million square feet. General office starts accounted for 47.6 percent of that volume, while medical office represented 25.8 percent and life sciences 10.9 percent.

The national office investment volume reached $18.1 billion as of April. Investors closed 798 transactions, with properties selling at $214 per square foot on average. Manhattan led the charts for both sales volume and prices, with $2.3 billion in deals and a $712 per square foot average sale price. San Francisco followed, with $1.6 billion in dollar volume and a $686 per square foot average.

Read the full Yardi Matrix Office Market Report: May 2026.

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Employment growth decelerated to 0.1% in 2025, trailing the U.S. rate of 0.6%. The jobless rate was 5.8% in January, above Nevada’s 5.3% and the 4.3% national figure, according to preliminary data from the Bureau of Labor Statistics. The metro lost 8,900 net jobs in 2025, as gains in education and health services, leisure and hospitality and manufacturing were eclipsed by declines across seven sectors. CRE demand drivers broadened, with Boyd Gaming opening Cadence Crossing Casino in Henderson and the West Henderson Fieldhouse topping out in February, ahead of a fall 2026 debut.

Deliveries were modest at the start of the year, with 458 units completed in the first quarter, but this was preceded by more than 12,000 units coming online in the previous two years combined. In March, 6,493 units were underway. Investment was limited, with one $75 million sale through March, while the 2025 average price per unit rose 4% year-over-year, to $218,540.

Read the full Yardi Matrix Multifamily Market Report: May 2025

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Employment growth in Charlotte expanded 2.7% in 2025, 210 basis points above the U.S. average. The metro added 37,600 net jobs last year, with professional and business services leading gains with 10,300 new positions added to the workforce. The area’s unemployment rate clocked in at 3.6% as of December, 80 basis points below the national rate, according to preliminary data from the Bureau of Labor Statistics. A report published by Charlotte City Center Partners reveals that the city is poised for $4.4 billion in investment in 2026, with plans to turn Uptown, Midtown and the South End into mixed-use destinations beyond traditional business-focused districts.

The metro’s deliveries expanded significantly last year, with 18,436 units delivered, accounting for 7.4% of existing stock, the largest total in the last five years. Meanwhile, investment activity maintained its pre-pandemic level in 2025, clocking in at $1.9 billion.

Read the full Yardi Matrix Charlotte Multifamily Market Report: May 2026

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Employment growth decelerated to 0.4% in 2025, trailing the U.S. rate of 0.6%. Unemployment stood at 3.6% in January, on par with Georgia and below the 4.3% national rate, according to preliminary data from the Bureau of Labor Statistics. Atlanta lost 300 net jobs in 2025, as gains in four sectors led by education and health services and professional and business services were outweighed by losses in six sectors, led by the trade, transportation and utilities and information sectors. Notable project advancements across the metro include Mercedes-Benz’s consolidation in Sandy Springs and the $441 million South Parking Deck Phase I at Hartsfield–Jackson International Airport, slated for a summer 2026 delivery.

Developers added 1,808 units or 0.3% of stock, in the first quarter, while 22,302 units were underway as of March. Development skewed toward suburban submarkets and Lifestyle projects. Investment activity remained moderate, with $672 million in multifamily sales through March and an average price of $192,823 per unit, below the $196,464 national figure.

Read the full Yardi Matrix Atlanta Multifamily Market Report: May 2026

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Report Highlights

• In-place rent nationally increased four cents month over month in March to $9.03 per square foot, a 5.4 percent annual gain.
• Vacancy moved up 10 basis points month over month to 9.3 percent and is 80 basis points higher than a year ago.
• The new-lease premium held near $1 per square foot, with recent leases averaging $10.01 per square foot.
• Industrial space under construction totals 367.7 million square feet, representing 1.8 percent of stock.
• First-quarter transactions reached $15.5 billion, with assets trading at $138 per square foot on average.

Leasing conditions stabilize as rent spread holds

Industrial rent growth continued at a measured pace in March, with year-over-year gains of 5.4 percent at the national level. Among major metros, Atlanta posted the strongest annual increase at 8.1 percent, followed by Tampa at 7.3 percent, Bridgeport at 7.1 percent and Miami at 7.0 percent.

Vacancy increased to 9.3 percent, up 80 basis points from the same time last year. The premium paid for newly signed leases remains uneven across markets: Bridgeport recorded a $5.06 gap between in-place and new-lease pricing, while Boston ($3.73) and Miami ($3.23) were the only other top markets above $3. Nationally, the spread has held near $1 per square foot in recent months.

Construction remains elevated, with Phoenix leading by share

The development pipeline remains sizable, with 367.7 million square feet under construction across top markets. Phoenix continues to stand out by intensity, with 18.7 million square feet underway representing 4.1 percent of inventory, the highest share among major metros. Dallas (29.7 million square feet) and Houston (21.6 million) lead by total square footage under construction.

Sales activity totaled $15.5 billion in the first quarter, and properties traded at an average of $138 per square foot. Dallas led transaction volume at $1.18 billion, followed by Atlanta ($811 million) and Chicago ($792 million). Pricing ranged from $304 per square foot in the Bay Area to $85 in Chicago.

Read the full Yardi Matrix Industrial Market Outlook: April 2026.

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Estimated preleasing reached 65.5% as of March, according to the latest Yardi Matrix national student housing market report.

Report highlights

• Preleasing at Yardi 200 hit 65.5% in March, 340 basis points ahead of last year’s final March estimate

• Annual rent growth improved to 0.8%, up from 0.4% in February

• The average advertised rent per bed rose to $928

• Several strong rent-growth markets benefited from enrollment gains outpacing new supply

Yardi Matrix also released historical and forecasted on-site enrollment data for the Yardi 200, stripping out online-only students. The data shows that total enrollment growth since 2019 has been driven largely by online enrollment, while only primary state schools recorded on-site enrollment growth.

Preleasing data sends mixed signals

Preleasing activity for the 2026 academic year across the Yardi 200 schools reached 65.5% in March. That rate was 340 basis points ahead of the final estimate for March 2025 and in line with March 2024, though early-season estimates are expected to shift as more data is collected.

The March figure also trails preliminary preleasing estimates reported in the April reports from the prior two years. Among schools with stronger survey coverage, Virginia Tech led the country at 95.5% preleased. University of Missouri and James Madison University followed, both at 88.4%, while Penn State reached 87.3% and Clemson University clocked in at 85.2%.

At the opposite end, Houston and UT-Arlington registered some of the lowest preleasing levels, at 28.1% and 28.9%, respectively. UNC-Greensboro stood at 40.2%, followed by Sam Houston (44.9%), UT-San Antonio (46.3%) and North Texas (47.6%). Despite the lower levels, most of these schools were trending close to last year’s pace.

Several universities were well ahead of last year’s preleasing rate. Ohio State posted the largest year-over-year gain, up 19.9% to 74.9% preleased. University of Oklahoma followed with 76.4% preleasing, up 18.8%, while University of Iowa reached 81.9%, up 17.9%. In many of these markets, improving preleasing reflects a rebound after recent new supply pressured occupancy.

However, new development continues to weigh on some markets. North Carolina State was 59.6% preleased, down 10.7% year-over-year. University of Tennessee-Knoxville reached 67.5%, down 9.9%, while Purdue University, University of Arkansas and University of Central Florida were also behind last year’s pace. Each of these markets has multiple properties under construction and more than 1,600 beds expected to deliver in 2026 and 2027.

Rent growth remains below previous years

Average rent per bed across the Yardi 200 rose to $928 in March, up 0.8% year-over-year. That was an improvement from 0.4% in February and 0.7% in January, but still far below the 2.6% recorded in March 2025 and the 6.3% posted in March 2024.

Rent growth for the 2026–2027 leasing season has averaged 0.7% since October. That compares to 2.6% during the previous leasing season, and 5.9% for the 2024 academic year.

Still, several markets continued to outperform. Auburn University posted 8.3% rent growth in March, supported by more than 3,000 students added over the past three years and only 1,400 new beds. Nevada-Reno recorded 8.2% growth, with enrollment also up more than 3,000 students since 2022 and only 734 beds added.

Georgia Southern and University of Kansas each posted 6.1% rent growth, helped by enrollment gains of more than 3,300 students over the past three years. Louisiana State University recorded 5.2% rent growth after adding more than 6,000 students since 2022, while only 400 new beds came online.

Read the full Yardi Matrix National Student Housing Market Report: April 2026.

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Sluggish seasonal bump leaves advertised rents in the red.

Highlights:

• The average U.S. advertised asking rent clocked in at $1,758 in April, down 0.2% year-over-year.
• Conversely, advertised asking rents were up 0.2% month-over-year, with more than two-thirds of Matrix’s top 30 markets experiencing growth.
• Rates were up 0.4 percent during 2026’s first four months, substantially below historical norms.
• SFR-BTR average advertised rents decreased 0.5% year-over-year to $2,211 in April.

Late spring catches multifamily rates in the negative

The national multifamily average advertised asking rent increased $4 in April to $1,758, a figure 0.2% lower than the one registered one year ago, but also 0.2% higher than the March reading. This year’s seasonal gain was just 0.4% during 2026’s first four months, about one-third of the average growth recorded during the same period of 2012 and 2019. Gateway and Midwest metros had the largest year-over-year rent increase, with New York leading the way (4.8%), followed by San Francisco (4.1%), Chicago (3.3%) and the Twin Cities (2.4%). A significant portion of the supply-heavy markets continued experiencing rental contraction, including Austin (-4.3%), Denver (-3.6%), Tampa (-3.4%) and Phoenix (-2.7%), as well as Raleigh (-2.0%).

Lifestyle properties contributed significantly to the multifamily market’s short-term growth. Advertised asking rents across such communities increased by 2.5% in New York, 0.9% in Chicago, as well as 0.4% in Nashville. The seasonal bump was felt across several high-supply markets, including Miami, Phoenix and Raleigh (0.3% each), but also Denver (0.2%), Nashville and Dallas (0.1% each). Still, the increase didn’t permeate throughout Matrix’s top 30 markets, though it did dominate across more than two-thirds of metros. Metros bucking this trend consisted of Charlotte and San Diego (-0.4% each), Houston, Las Vegas and Austin (-0.2% each).

The national average occupancy rate stood at 94.2% in March, down 0.5% year-over-year. Of the Matrix top 30 markets, San Francisco was the sole metro that tightened, with its figure increasing 0.2%. The remainder recorded declines, most being more than 50 basis points. Some of the steepest drops occurred in Tampa (-1.3%), Houston and Washington, D.C. (-1.0% each). Occupancy rates were lowest across Texas, where Houston, Austin and Dallas were below the 92.5% threshold.

Opportunities still abound for savvy investors and developers

Although this seasonal cycle doesn’t rise to the increases recorded in previous years, there are still plenty of opportunities to be had. Each market may still include outperforming pockets on account of favorable local supply-demand dynamics. Another option could arise for opportunistic investors seeking to capitalize on underperforming assets with debt that lenders might try to clear of their books. Lastly, owners may seek adjustments to their operating expenses, which have already increased by an average of 30% across the past half-decade.

The single-family build-to-rent rates ticked up $7 to $2,211 in April, down 0.5% year-over-year. Occupancy rates across the sector were likewise down 0.5% on an annual basis, at 94.5% in March. Early signs of the 21st Century ROAD to Housing Act’s impact on the BTR market can be observed across Houston, where developers began pausing projects, effectively stalling construction, according to the Houston Chronicle. Analysts believe the legislation may have the same effect at a wider scale across the country, potentially reducing BTR activity by up to 60%.

Read the full Yardi Matrix Multifamily National Market Report: April 2026.

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Orange County fundamentals were steady in early 2026. Average advertised asking rents fell 0.2%, on a trailing three-month basis through February, to $2,863. However, rents rose 1.4% year-over year, ahead of the 0.1% national uptick to $1,740, as per the national multifamily market report. Meanwhile, the occupancy rate in stabilized properties inched up 10 basis points over 12 months, to 96.5% as of February, sustained by gains in the Lifestyle segment.

Job growth slowed to 0.2% through December 2025, trailing the 0.6% U.S. rate, while unemployment closed the year at 3.9%, below both California’s 5.5% and the 4.4% national figure. Orange County added 2,200 net jobs last year, with gains led by education and health services and leisure and hospitality, while professional and business services and mining, logging and construction posted the largest losses. Health-care expansion remained a strong economic driver, led by UCI Health’s $1.3 billion Irvine campus. The project’s final phase is expected to open in December, alongside Hoag’s $1 billion Irvine expansion that’s also scheduled for a 2026 opening.

Supply growth remained modest, with 1,930 units delivered in 2025. Meanwhile, construction starts accelerated, and the metro had 7,726 units underway as of February. Investment activity stayed soft, totaling $792 million in 2025, below the metro’s long-term average. However, pricing remained elevated, with the per unit value at $441,940, up almost 25% year-over-year.

Read the full Yardi Matrix Orange County Multifamily Market Report: April 2026

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