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.

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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.

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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.

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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.

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Salt Lake City kicked off 2026 with uneven strength across its multifamily market, as rents remained in negative territory due to strong supply, according to the latest Yardi Matrix Salt Lake City multifamily market report. The average advertised asking rent was down 0.4%, on a trailing three-month basis through February, to $1,525, while the national figure slid 0.1%, as noted in the most recent U.S. multifamily market report. The metro’s average occupancy rate in stabilized assets stood at 94.7% as of February, up 10 basis points year-over-year.

Employment growth in Salt Lake City stood at 1.4% year-over year through December last year, 80 basis points ahead of the U.S. average. Education and health services led growth, account ing for 7,200 of the 19,300 jobs added in 2025. The metro’s un employment rate stood at 3.4% as of December, 100 basis points below the national figure, according to preliminary data from the Bureau of Labor Statistics. Western Governors University is planning to redevelop a 10-acre downtown block, which will be anchored by 1 million square feet of office space. The campus is expected to generate more than 5,000 jobs and some $2.5 billion in capital expenditure in the next 20 years.

In 2025, developers completed 9,430 units, or 6.7% of existing stock, a whopping 350 basis points above the national figure. Last year also marked the metro’s decade peak, following a steady increase in units coming online. Investors traded $641 million in multifamily assets in 2025, outperforming the previous two years.

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Richmond’s multifamily market started 2026 on solid footing, building on last year’s momentum, according to the latest Yardi Matrix Richmond multifamily market report. The average advertised asking rent climbed 0.4%, on a trailing three-month basis through February, to $1,619, while the national average ticked down 0.1%, as noted in the most recent U.S. multifamily market report. Richmond recorded one of the country’s highest year-over-year rent improvements, at 3.6% through February. Yet, following two years of strong supply growth, the metro’s occupancy rate in stabilized assets slid 30 basis points over 12 months, to 94.8%.

The metro’s employment market slowed down, with gains at 0.2% through December, 40 basis points behind the U.S. average. Unemployment was 3.3% at the end of 2025, settling 110 basis points below the U.S. average, according to preliminary data from the Bureau of Labor Statistics. Richmond lost 9,000 net jobs in 2025, as only four sectors recorded growth. Education and health services was among the sectors that added jobs (5,000), while the biggest losses were in the government sector (-6,300 jobs). Several major projects hit milestones in 2025, including the $2.4 billion Diamond District and Google’s 307-acre planned data center campus.

Richmond developers had 8,844 units under construction as of February, following the addition of 6,089 apartments last year. Meanwhile, investors traded $1.6 billion in multifamily assets in 2025, followed by $160 million during the first two months of this year.

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Pittsburgh’s multifamily market was solid at the beginning of 2026 despite slowdowns across some fundamentals. Average advertised asking rents slid 0.1%, on a trailing three-month basis through February, to $1,444, for the fourth consecutive month of contractions, in line with seasonal shifts and on par with the national performance. Occupancy for stabilized assets registered a 10-basis-point downtick year-over-year through February, to 95.2%, still ahead of the 94.3% national figure, as per the U.S. multifamily market report.

The metro’s job market maintained its momentum at the end of last year, with the rate up 1.4% year-over-year, more than double the 0.6% national figure. A total of 12,700 net jobs were added in 2025, with education and health services alone adding 9,300 positions. Five sectors lost 4,000 jobs combined. Meanwhile, un employment clocked in at 3.6% as of December last year, 80 basis points below the national figure, according to preliminary data from the Bureau of Labor Statistics. Major projects impacting the economy include Pittsburgh International Airport’s new terminal, which opened last year, and a $1.7 billion addition to the UPMC Presbyterian Hospital.

A total of 1,067 units came online in the market last year, marking a significant slowdown from 2024 but in line with national trends. Developers had 4,735 units under construction in February, with supply momentum enduring.

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Knoxville’s multifamily market registered a tepid start to 2026. Advertised asking rents decreased 0.4%, on a trailing three-month basis, to $1,470 in February, while year-over-year rates fell 0.9%, lagging the national average which ticked up 0.1%, as noted in the national multifamily market report. The occupancy rate in stabilized properties decreased 70 basis points to 94.9%, staying above the 94.3% U.S. average.

Employment growth slowed to 1.2% in December but still out paced the 0.6% U.S. rate. Meanwhile, unemployment stood at 2.9%, below both Tennessee’s 3.6% and the 4.4% national rate. The metro added 4,100 net jobs in 2025, with gains in four sec tors, led by education and health services and government, while five sectors lost jobs, with the steepest declines in professional and business services, manufacturing and mining, logging and construction. Recent economic drivers include the opening of the $114 million Covenant Health Park downtown stadium project and the first phase of Greenheck Group’s $300 million Midway Business Park campus, which will begin operations in fall 2026.

Supply remained robust, with 1,818 units delivered in 2025 and 4,657 underway as of February, sustained by an acceleration of construction starts in 2025. Investment activity improved in 2025, with multifamily sales reaching $196 million, while the average price per unit fell 6.2% to $132,648 in December.

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Jacksonville fundamentals remained mixed going into the first quarter of 2026, with the wall of deliveries weighing on performance even as population growth and rental demand stood strong, according to the latest Yardi Matrix Jacksonville multifamily market report. Average advertised asking rents slipped 0.1%, on a trailing three-month basis, to $1,488, while year-over-year movement lagged the U.S., down 1.4% in Jacksonville vs. a 0.1% increase to $1,750 nationally, as reported in the U.S. multifamily report. Meanwhile, area occupancy in stabilized assets slid 10 basis points year-over-year, to 92.6% in February.

Employment growth slowed to 1.0% as of December, but still outpaced the 0.6% U.S. rate. Meanwhile, unemployment stood at 4.6%, slightly above both Florida (4.3%) and the U.S. (4.4%). Jacksonville added 5,600 net jobs in 2025, with education and health services accounting for most gains. Offsetting that, six sectors lost jobs, led by trade, transportation and utilities, government and financial activities. Industrial growth remained a bright spot, as Otto Aerospace and Swisher announced expansion plans.

Supply pressure remained elevated, with 7,374 units delivered in 2025 and another 180 units in 2026 through February. The under-construction pipeline totaled 6,211 units, as construction starts rose sharply last year. Investment continued to recover, but remained below longer-term averages, with transaction volume reaching $862 million in 2025 and the average price per unit inching up 2.1%, to $155,199.

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Following steady growth last year, the Indianapolis multifamily market recorded a slower start to 2026, in line with seasonal patterns, according to the latest Yardi Matrix Indianapolis multifamily market report. The average advertised asking rent was flat, on a trailing three-month basis through February, to $1,310, outperforming the national rate by 10 basis points, as per the latest U.S. multifamily market report. Year-over-year, rents in the metro were up 1.1%, placing it eighth among the top 30 metros tracked by Yardi Matrix.

Employment was up 0.8% year-over-year through December, 20 basis points above the U.S. figure, marking a slight improvement over the slower summer months. Only three sectors recorded net positive gains over the 12-month period ending in December 2025, led by education and health services, which added 7,600 positions. The area’s unemployment rate stood at 2.5% as of December, 190 basis points below the national figure, according to preliminary data from the Bureau of Labor Statistics. Meta will invest more than $10 billion in a 1-gigawatt data center campus and community infrastructure in Lebanon, Ind. The development will generate more than 4,000 construction jobs in the area, as well as 300 operational jobs.

Developers added 6,075 units to the metro in 2025, with completions accounting for 2.9% of existing stock, 30 basis points below the national figure. Construction starts more than doubled in 2025 compared to the projects that were started in the previous year.

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