Leasing Firms to a Stretch High as Fundamentals Hold
Multifamily Operational Results
The national multifamily picture held its footing in the week of August 9, with leasing continuing to build even as the other metrics leveled off. As of August 9, the average U.S. occupancy rate was 94.83%, essentially flat on the week and up 9 basis points from a year ago, holding above last year for a fourth straight week, though the margin has narrowed to a slim edge. The leased percentage was 96.94%, up 5 basis points on the week and down 68 basis points from last year. Occupancy is steady and still running just ahead of last year.
Leasing velocity kept building. The average number of leases signed was 2.4 per property last week, up 0.1 from the prior week and the firmest weekly pace in this stretch, though still down 0.7 per week compared to a year ago. This was a second straight week of stronger new leasing, a genuine demand signal as we close out the peak summer season.
Net effective rent held roughly steady at $1,772, with annual NER growth for new leases at negative 1.6%, a slight step back from negative 1.4% the prior week. After last week’s improvement, the annual rent comparison wobbled a touch, a reminder that the pricing recovery is uneven rather than a straight line. The range across the country stayed wide, with several coastal markets posting solid positive annual growth while much of the Sun Belt is still working through negative territory.
RevPAU was $1,680, essentially flat on the week, with the annual comparison at negative 1.5%, a touch softer than negative 1.3% the prior week. Revenue is holding at a steady level even as the annual comparison eased slightly. For operators, the read this week is that leasing and occupancy are carrying the momentum while pricing consolidates, a reasonable posture heading into the back half of August.
| MSA | Annual Effective Rent Growth | Occupancy Rate |
| Atlanta, GA | -1.1% | 94.52% |
| Austin, TX | -4.1% | 93.40% |
| Dallas, TX | -2.5% | 93.67% |
| Denver, CO | -5.7% | 94.46% |
| Houston, TX | -4.6% | 93.43% |
| Las Vegas, NV | -3.6% | 94.83% |
| Miami, FL | 0.6% | 95.34% |
| Phoenix, AZ | -5.6% | 94.26% |
| San Francisco, CA | 8.3% | 96.96% |
| Seattle, WA | -1.2% | 95.70% |
| Washington, DC | -2.6% | 95.41% |
| U.S. | -1.6% | 94.83% |
Source: Radix Data as of 08/09/2026
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