Multifamily Results Steady Despite Economic Headwinds
Economic headlines
Impacts related to the conflict in the Middle East continue to dominate economic headlines. All data stated are based on the publication date of this report, and they are subject to change.
- Crude Oil near $100/bbl: Up $30+ since late February.
- Gasoline at $3.84/gal: An 92-cent jump in 30 days.
- Market Volatility: S&P 500 -3.5%, Dow -5.6% since the conflict began.
- Mortgage Rates: Increased from 5.98% to 6.11%.
Rising mortgage rates and market volatility are increasing the cost of home ownership, forcing many renters to delay their purchase plans and stay in the rental market longer. While this supports steady occupancy, the “inflation tax” on wallets from higher everyday costs may limit rent growth this year.
Multifamily operational performance
The average U.S. occupancy rate was 94.07%, steady from the prior week, but down 46 basis points from a year ago. The leased percentage was 95.88%, down 96 basis points from last year.
The average number of leases signed was 2.2 per property last week. It was down half a lease per week compared to a year ago.
Annual net effective rent growth was 0.4% for the U.S. average. RevPAU, which combines the change in rents and occupancy, was flat compared to a year ago.
| MSA | Annual Effective Rent Growth | Occupancy Rate |
| Atlanta, GA | -2.7% | 93.5% |
| Austin, TX | -5.5% | 92.0% |
| Dallas, TX | 0.0% | 92.9% |
| Denver, CO | -7.3% | 92.9% |
| Houston, TX | -5.0% | 92.9% |
| Las Vegas, NV | -4.3% | 94.4% |
| Miami, FL | -1.7% | 94.9% |
| Phoenix, AZ | -3.5% | 93.6% |
| San Francisco, CA | 3.9% | 96.4% |
| Seattle, WA | -0.6% | 94.8% |
| Washington, DC | 1.7% | 94.5% |
| U.S. | 0.4% | 94.1% |
Source: Radix Data as of 3/15/2026
About Radix
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