Demand Fully Recovers as Occupancy Nears Year-Ago Levels
Multifamily Operational Results
The national multifamily market continued to strengthen during the week ending August 30, with both occupancy and leasing activity approaching year-ago levels. Average U.S. occupancy held steady at 94.53%, leaving it just 16 basis points below the same period last year. Leased occupancy also remained stable at 97.09%, narrowing the year-over-year gap to only 17 basis points. After trailing more significantly earlier in the summer, both measures have now recovered within a fraction of last year’s performance.
Leasing activity achieved a notable milestone. Properties averaged 2.7 new leases signed during the week, matching the pace recorded one year ago. After spending much of the year below prior-year levels, leasing demand has fully closed the gap, signaling that renter demand remains resilient as the market moves beyond peak leasing season.
Pricing trends continued to improve, albeit gradually. Net Effective Rent (NER) increased 0.2% week over week to $1,773, while annual NER growth for new leases remained at -1.7%. Although rents continue to be the primary factor weighing on year-over-year performance, week-over-week momentum remains positive. Market conditions remain highly uneven, with several coastal markets generating positive rent growth while many Sun Belt markets continue to face pricing pressure.
Revenue performance strengthened alongside improvements in occupancy and leasing. RevPAU increased 0.2% on the week to $1,676, while year-over-year growth improved slightly to -1.9% from -2.0% the prior week. As occupancy and leasing continue to recover, the revenue gap is gradually narrowing, though pricing remains the key constraint on stronger growth.
Bottom Line: Multifamily fundamentals continue to improve. Leasing demand has fully returned to last year’s pace, occupancy is nearly back to year-ago levels, and revenue trends are steadily improving. The remaining challenge is pricing. As the market enters the fall season, the key question is whether sustained demand and occupancy stability will begin translating into meaningful rent growth.
| MSA | Annual Effective Rent Growth | Occupancy Rate |
| Atlanta, GA | -2.1% | 94.14% |
| Austin, TX | -4.5% | 93.17% |
| Dallas, TX | -2.7% | 93.28% |
| Denver, CO | -5.7% | 94.14% |
| Houston, TX | -2.8% | 93.35% |
| Las Vegas, NV | -4.6% | 94.36% |
| Miami, FL | -1.0% | 95.18% |
| Phoenix, AZ | -5.6% | 94.11% |
| San Francisco, CA | 9.1% | 97.05% |
| Seattle, WA | -1.8% | 95.25% |
| Washington, DC | -2.5% | 94.84% |
| U.S. | -1.7% | 94.53% |
Source: Radix Data as of 08/30/2026
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