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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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.

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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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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.

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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