Metro Job Data Confirms Demand Shortfall
Economic headlines
For years, 2026 was circled on the calendar as the year multifamily metrics would roar back. However, metro-level job data suggests the recovery is being stifled by the demand side of the equation. Despite supply becoming less of a challenge, job creation—the primary engine for household formation—has stalled across the U.S.
Here are comparisons of annual job gain for February 2026 relative to the three years before the pandemic according to the Bureau of Labor Statistics.
Annual Job Gain
| Metro Area | February 2026 | 2017-2019 Avg |
| Atlanta, GA | -5,700 | 65,083 |
| Austin, TX | 13,700 | 39,242 |
| Boston, MA | -27,200 | 38,472 |
| Charlotte, NC | 9,300 | 31,153 |
| Chicago, IL | -6,800 | 33,203 |
| Dallas, TX | 24,200 | 93,486 |
| Denver, CO | -2,600 | 34,750 |
| Houston, TX | 7,700 | 55,872 |
| Indianapolis, IN | -11,100 | 16,686 |
| Los Angeles, CA | -2,700 | 84,508 |
| Miami, FL | -21,100 | 48,206 |
| Nashville, TN | 600 | 31,744 |
| New York, NY | -46,900 | 138,522 |
| Orlando, FL | 1,500 | 41,172 |
| Phoenix, AZ | 5,500 | 66,294 |
| Raleigh, NC | 13,300 | 16,506 |
| San Francisco, CA | 11,000 | 52,050 |
| San Jose, CA | 17,400 | 21,372 |
| Seattle, WA | -3,900 | 46,800 |
| Tampa, FL | -4,300 | 30,272 |
| Washington, DC | -119,000 | 43,969 |
If you are looking for some bright spots, San Jose (+17,400) and Raleigh (+13,300) weren’t too far off their pre-pandemic average.
Washington, DC’s employment level has been severely impacted by losses in federal government jobs, and most other major metros are far off their normal level of job gain.
This trend is a key factor in traffic and occupancy performing below last year’s rate.
Multifamily Operational Results
As of April 19, the average U.S. occupancy rate was 94.03%, down 56 basis points from the prior year. The leased percentage was 95.89%, down 112 basis points from last year.
The average number of leases signed was 2.0 per property last week. It was down by 0.8 leases per week compared to a year ago.
Annual net effective rent growth for new leases was 0.3%. RevPAU, which combines the change in rents and occupancy, was down 0.3% compared to a year ago.
| MSA | Annual Effective Rent Growth | Occupancy Rate |
| Atlanta, GA | -0.8% | 93.5% |
| Austin, TX | -7.2% | 91.6% |
| Dallas, TX | -1.2% | 92.8% |
| Denver, CO | -6.5% | 93.2% |
| Houston, TX | -4.0% | 92.6% |
| Las Vegas, NV | -6.6% | 94.1% |
| Miami, FL | -1.4% | 94.8% |
| Phoenix, AZ | -4.8% | 93.5% |
| San Francisco, CA | 4.9% | 96.4% |
| Seattle, WA | -0.8% | 95.0% |
| Washington, DC | -0.8% | 94.6% |
| U.S. | 0.3% | 94.0% |
Source: Radix Data as of 04/19/2026
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