The Radix Review: Multifamily Trends Explained

Radix
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Covering the latest trends in multifamily housing, demographics, and economic insights, built off real time analytics at the property, submarket and market level.

  1. 3h ago

    Occupancy And Rents Climb Through May As Annual Gaps Narrow

    Occupancy: U.S. occupancy averaged 94.17% in May 2026, up 0.24 percentage points from April and 0.28 percentage points below May 2025. Leased occupancy averaged 96.28%, up 0.41 percentage points from April and 1.24 percentage points below the same month last year. Both measures rose in all five of May's weeks, with occupancy finishing at 94.23% and leased occupancy at 96.39%. The annual gap narrowed as the month went on, from 0.42 percentage points below last year in the first week to 0.23 percentage points below in the last, pointing to a market moving into the leasing season on steadier footing than it entered the spring. Leasing: Properties averaged 2.5 new leases per property a week in May 2026, up 0.2 from April and 0.6 below May 2025. Traffic averaged 7.5 per property a week, unchanged from April and 2.8 above a year earlier. Leasing held at 2.5 per property for the last five weeks of the month, while traffic eased in three of May's five weeks to finish at 7.1. Steady signings on heavy traffic suggest demand is present in volume, but it is converting at a slower rate than it did a year ago. Rents and revenue: Net Effective Rent (NER) averaged $1,739 in May 2026, up 0.8% from April and 3.7% below May 2025. RevPAU averaged $1,637, up 1.0% from April and 4.0% below the same month last year. Within the month, NER rose in four of five weeks to $1,762, a gain of 3.3% across May, and RevPAU rose 3.6% to $1,660. The annual comparisons improved as those gains accumulated: NER ended the month 2.4% below last year, from 4.1% below in the first week, and RevPAU ended 2.6% below, from 4.5% below. Pricing is recovering through the spring, though it remains well short of last year's level. Markets: Breadth improved over the course of the month. Occupancy stood above last year in 9 of 28 markets in the final week, up from 3 of 28 in the first, and positive annual rent growth widened to 5 of 28 markets, from 3 of 28. Occupancy and rents moved in opposite directions in 6 markets at the end of May, up from 1 at the start, among them Denver and Phoenix. In those markets, occupancy is above last year while rents are below it, which suggests demand is healthy and new supply is limiting pricing power. Bottom Line: May 2026 was a month of steady improvement from a soft April. Occupancy and leased occupancy rose in every week of the month, rents and revenue each gained more than 3% across the five weeks, and the annual gaps on both pricing measures closed by roughly half. The challenge is that the market is still below where it stood a year ago on every measure except traffic, and rent recovery remains concentrated: on May's averages, San Francisco led major markets at 4.3% above last year while Austin trailed at 9.6% below, a 13.9-percentage-point spread. The question for June is whether the spring's momentum carries into peak leasing season broadly enough to lift the markets still absorbing new supply. Explore our webpage for more insights and resources: https://bit.ly/Radix_Website

    Occupancy And Rents Climb Through May As Annual Gaps Narrow

  2. 3h ago

    Traffic Builds Through April as Rents Give Back Ground

    Occupancy: U.S. occupancy averaged 93.93% in April 2026, down 0.11 percentage points from March and 0.65 percentage points below April 2025. Leased occupancy averaged 95.87%, up 0.04 percentage points from March but 1.20 percentage points below last year. The two measures moved differently through the month: occupancy rose in two of April's four weeks and ended at 94.03%, while leased occupancy rose in all four and closed at 96.06%. Rising leased occupancy alongside a lower monthly occupancy average suggests the quarter's committed demand built steadily even as physical occupancy stayed below where it sat a year ago. Leasing: Properties averaged 2.3 new leases per property a week in April 2026, down 0.2 from March and 0.6 below April 2025. Traffic moved the other way, averaging 7.5 visits per property a week, up 0.9 from March and 2.6 above last year. Traffic rose in three of the month's four weeks and finished at 7.7 per property, 2.9 above a year ago. More prospects are touring, but fewer of those visits are converting into signed leases than at this point last year. Rents and revenue: Net Effective Rent (NER) averaged $1,726 in April 2026, down 0.6% from March and 4.3% below April 2025. RevPAU averaged $1,621, down 0.8% from March and 5.0% below last year. Both measures weakened as the month went on: NER fell in three of the four weeks and ended at $1,705, down 2.2% across April, while RevPAU followed the same path to $1,603. The annual gap widened with it, from 4.1% below last year in the first week to 5.4% below in the last. Pricing lost ground through April rather than holding the line. Markets: Weakness in rents was broad. Positive annual NER growth narrowed to 1 of 28 markets by the final week of April, down from 4 of 28 in the first, and only 4 of 28 markets saw rents rise on the week by the end of the month, down from 9 of 28 at the start. Occupancy told a different story in the closing week, rising in 27 of 28 markets, though only 3 of 28 stood above last year. Bottom Line: April 2026 was a month of building demand and softening prices. Traffic averaged 2.6 visits per property a week above last year and leased occupancy climbed in all four weeks, while NER averaged 4.3% below April 2025 and widened its annual gap as the month progressed. Leasing volume is the gap between the two: at 2.3 new leases per property a week, April ran 0.6 below last year despite the heavier traffic. The question for May is whether the spring traffic now moving through properties converts into enough signed leases to steady pricing, or whether operators keep trading rent for occupancy into the peak season. Explore our webpage for more insights and resources: https://bit.ly/Radix_Website

    Traffic Builds Through April as Rents Give Back Ground

  3. 5h ago

    June Occupancy Firms While Rents Stay Below Last Year

    Occupancy: U.S. occupancy averaged 94.26% in June 2026, up 0.09 percentage points from May 2026 and 0.28 percentage points below June 2025. Leased occupancy averaged 96.44%, up 0.16 percentage points from May and 0.87 percentage points below a year earlier. The weekly path was narrow, with national occupancy holding between 94.25% and 94.27% across the month's four weeks. Occupancy is improving month to month but has not yet closed the gap with last year. Leasing: Properties signed an average of 2.4 new leases per week in June 2026, down 0.1 from May 2026 and 0.6 below June 2025. Traffic averaged 7.2 per property a week, down 0.3 from May but 2.8 above a year ago. Leasing held at 2.4 per property in three of June's four weeks, and the annual gap in the final week widened to 0.6 below last year, from 0.8 below in the first week. Heavy traffic alongside a steady but lower lease count suggests demand is present and properties are working harder to convert it. Rents and revenue: Net Effective Rent (NER) averaged $1,765 in June 2026, up 1.5% from May 2026 and 2.1% below June 2025. RevPAU averaged $1,663, up 1.6% from May and 2.3% below a year ago. Within the month, NER rose in two of the four weeks and held in the other two, moving from $1,762 to $1,767, while the annual comparison improved to 2.0% below last year at the end of June from 2.4% below in the first week. Rents are building through the leasing season, but they remain below where they stood a year ago. Markets: Rent growth stayed concentrated. Positive annual NER growth covered 6 of 28 markets in the final week of June, up from 3 of 28 in the first week, while the number of markets with occupancy above last year fell to 8 of 28 from 10 of 28. Occupancy above last year with rents below it narrowed to 5 markets from 7, among them Las Vegas and Phoenix, where demand is holding up while new supply limits pricing. Bottom Line: June closed with a market that is firming month to month without catching last year. Occupancy and leased occupancy both averaged higher than in May, rents and revenue averaged 1.5% and 1.6% above May, and traffic stayed well ahead of June 2025 at 7.2 per property a week. The challenge is that every one of those measures still sits below its year-earlier level, and rent growth remains positive in only a handful of markets. The question for the second half of the year is whether the month-to-month gains continue through the summer leasing season, or whether supply keeps annual rent growth confined to markets like San Francisco. Explore our webpage for more insights and resources: https://bit.ly/Radix_Website

    June Occupancy Firms While Rents Stay Below Last Year

  4. 6h ago

    Occupancy Climbs Above Last Year While July Rents Stay Behind

    Occupancy: U.S. occupancy averaged 94.65% in July 2026, up 0.39 percentage points from June and 0.11 percentage points above July 2025. The month built steadily, rising in three of July's four weeks and finishing at 94.92%, 0.36 percentage points above last year after starting the month 0.24 percentage points below it. Leased occupancy averaged 96.79%, up 0.35 percentage points from June but still 0.53 percentage points below July 2025, and it rose in all four weeks. Occupancy has moved back above its prior-year level, while leased occupancy continues to trail. Leasing: Properties averaged 2.3 new leases per property a week in July 2026, down 0.1 from June and 0.5 below July 2025. The pace held in a narrow band all month, between 2.2 and 2.3 per property, and the annual gap finished the month at 0.5 below last year. Traffic averaged 6.9 visits per property a week, down 0.3 from June but 2.6 above July 2025. Steady traffic well above last year alongside a slower signing pace suggests demand is holding through the summer, with renters taking longer to commit. Rents and revenue: Net Effective Rent (NER) averaged $1,769 in July 2026, up 0.2% from June and 1.7% below July 2025. RevPAU averaged $1,674, up 0.7% from June and 1.6% below July 2025. The path inside the month was flat for rents and steadier for revenue: NER moved between $1,767 and $1,771 and ended the month up $4, while RevPAU rose in all four weeks and ended up $17. With rents close to unchanged, the revenue gain came from occupancy rather than pricing. Markets: Breadth improved sharply over the month. Occupancy was above last year in 24 of 28 markets by the final week, up from 11 of 28 in the first week, while positive annual rent growth narrowed to 5 of 28 markets, from 6 of 28. Markets with occupancy above last year and rents below it rose to 19 of 28 from 8 of 28, among them Atlanta, Austin, Dallas, Denver, Las Vegas, Miami, Phoenix, Seattle, and Washington. Demand is firm across most of the country, and new supply is holding rent growth down. Bottom Line: July ended with occupancy back above last year and rents still behind it. Occupancy averaged 94.65% for the month, up 0.39 percentage points from June, while NER averaged $1,769, 1.7% below July 2025, and RevPAU averaged $1,674, 1.6% below. The challenge is that pricing power remains concentrated: only five markets posted positive annual rent growth in the final week, and among major markets the spread ran from San Francisco at 7.8% above last year to Las Vegas at 6.8% below on July averages, 14.6 percentage points apart. The question for August is whether broad occupancy strength starts to lift rents, or whether supply keeps the two moving separately through the rest of the leasing season. Explore our webpage for more insights and resources: https://bit.ly/Radix_Website

    Occupancy Climbs Above Last Year While July Rents Stay Behind

  5. 8h ago

    Leasing Picks Up Through August While Rents Trail Last Year

    Occupancy: U.S. apartment occupancy averaged 94.69% in August 2026, up 0.04 percentage points from July 2026 and 0.04 percentage points below August 2025. Leased occupancy averaged 97.12%, up 0.33 percentage points from July and 0.37 percentage points below the same month last year. The month did not hold that level evenly: occupancy fell 0.34 percentage points across August's five weeks, ending at 94.58%, and moved from 0.21 percentage points above last year in the first week to 0.12 percentage points below it in the last. The easing through the month is the expected seasonal pattern, and the month's average still sits close to where it stood a year ago. Leasing: Properties averaged 2.7 new leases per property a week in August 2026, up 0.4 from July 2026 and 0.3 below August 2025. Traffic averaged 7.0 per property a week, up 0.1 from July and 3.3 above a year ago. The annual gap on leasing narrowed as the month went on, from 0.5 leases below last year in the first week to 0.1 below in the last, with the pace holding between 2.7 and 2.8 per property for the final four weeks. A stronger month than July, with traffic well above last year, suggests demand through the peak season held up. Rents and revenue: Net Effective Rent (NER) averaged $1,777 in August 2026, up 0.5% from July 2026 and 1.6% below August 2025. RevPAU averaged $1,683, also up 0.5% from July and 1.6% below last year. National rents stayed in a narrow band through the month, between $1,774 and $1,780, and finished at $1,780 in the week ending Aug 30, 2026. The annual comparison worsened as the month ran, with NER moving from 1.4% below last year in the first week to 1.8% below in the last, and RevPAU from 1.2% below to 1.9% below. Rents are holding their level but still losing ground against a stronger period a year ago. Markets: Breadth narrowed over the month. Occupancy stood above last year in 11 of 28 markets in the week ending Aug 30, 2026, down from 21 of 28 in the first week of August, and positive annual rent growth held in 6 of 28 markets, from 7 of 28. The number of markets where occupancy is above last year while rents are below it fell to 9 of 28 from 15 of 28, among them Austin, Denver, Miami, and Phoenix. In those markets, demand is healthy and new supply is limiting rent growth. On August averages, San Francisco led major markets at 9.4% above last year and Denver trailed at 5.5% below, a 14.9-percentage-point spread. San Francisco also held the highest occupancy among major markets at 97.08%, with Austin the lowest at 93.35%. Bottom Line: August 2026 was a month of steady averages with softer footing at the end. Occupancy and leased occupancy both averaged above July, leasing picked up 0.4 leases per property a week on the month, and traffic ran 3.3 above last August. The challenge is pricing, with NER and RevPAU both averaging 1.6% below last year and both annual gaps widening through the month as fewer markets held positive rent growth. The question for September is whether leasing holds its improved pace as occupancy settles into the fall, or whether the narrowing group of markets with rent growth keeps national pricing below last year. Explore our webpage for more insights and resources: https://bit.ly/Radix_Website

    Leasing Picks Up Through August While Rents Trail Last Year

  6. 10h ago

    September Occupancy Eases While Rents Hold Near Flat

    Multifamily Operational Results  Occupancy: U.S. apartment occupancy averaged 94.54% in September 2026, down 0.15 percentage points from August 2026 and 0.09 percentage points below September 2025. Leased occupancy averaged 96.97%, also down 0.15 percentage points from August and 0.05 percentage points below a year earlier. The path through the month was steadily downward, with occupancy falling in three of September's four weeks and leased occupancy falling in all four, ending the month at 94.48% and 96.86%. That is the expected seasonal easing after the summer, and it leaves occupancy slightly below last year's level rather than materially weaker. Leasing: Leasing slowed from the summer pace. Properties averaged 2.3 new leases per property a week in September 2026, down 0.4 from August 2026 and 0.2 below September 2025. Traffic averaged 6.2 per property a week, down 0.8 from August but 3.5 above the same month last year. Weekly leases declined in three of the month's four weeks and finished at 2.2 per property, 0.4 below last year, after starting September level with it. Interest in available units remains well ahead of a year ago, but fewer of those visits are converting to signed leases than they did a month earlier. Rents and revenue: Net Effective Rent (NER) averaged $1,779 in September 2026, up 0.1% from August 2026 and 1.2% below September 2025. RevPAU averaged $1,682, down 0.1% from August and 1.3% below a year earlier. Rents moved very little inside the month, staying between $1,777 and $1,781 and finishing at $1,777, down 0.2% across the month. The annual comparison improved as the month went on, with NER ending 1.0% below last year after starting 1.5% below and RevPAU ending 1.1% below after starting 1.6% below. Pricing is stable rather than recovering, and the narrowing annual gap came from softer numbers a year ago rather than from stronger rents now. Markets: The split between demand and pricing widened through September. Occupancy was above last year while rents were below it in 10 of 28 markets by the final week, up from 8 of 28 in the first week, and among major markets that group included Austin, Denver, and Phoenix. Occupancy was above last year in 12 of 28 markets at the end of the month, from 11 of 28 at the start. Bottom Line: September closed with a market that is easing in line with the season rather than deteriorating. Occupancy averaged 94.54%, down 0.15 percentage points from August and 0.09 percentage points below last year, leasing averaged 2.3 new leases per property a week, and rents averaged $1,779, up 0.1% on August. The challenge remains pricing, with annual NER growth positive in only 7 of 28 markets by the final week, down from 9 of 28 at the start of the month, and the spread among major markets running 15.0 percentage points between San Francisco at 10.0% above last year and Las Vegas and Phoenix at 5.0% below. The question for the fourth quarter is whether rents can hold their narrow range as occupancy continues its seasonal decline, or whether supply keeps rent growth confined to a small group of markets. Explore our webpage for more insights and resources: https://bit.ly/Radix_Website

    September Occupancy Eases While Rents Hold Near Flat

  7. 1d ago

    October Occupancy Holds Steady While Rent Growth Stays Below Last Year

    Occupancy: U.S. occupancy averaged 94.54% in October 2026, unchanged from September and 0.01 percentage points below October 2025. Leased occupancy averaged 96.78%, down 0.19 percentage points from September and level with a year earlier. The weekly path was narrow, with occupancy holding between 94.53% and 94.56% across the month and ending 0.02 percentage points above last year, after starting the month 0.06 percentage points below it. Occupancy has now spent the fall at essentially the same level it held a year ago. Leasing: Properties averaged 2.1 new leases per property a week in October 2026, down 0.1 from September and 0.2 below October 2025. Traffic averaged 5.9 per property a week, down 0.3 from September but 3.3 above a year earlier. Weekly leasing held at the same pace in all four weeks of the month, and the annual gap narrowed from 0.4 below last year in the first week to 0.2 below in the last. Four unchanged weeks alongside traffic well above last year suggest demand has settled at its seasonal floor rather than continuing to weaken. Rents and revenue: Net Effective Rent (NER) averaged $1,779 in October 2026, unchanged from September and 0.7% below October 2025. RevPAU averaged $1,682, also unchanged from September and 0.7% below last year. Within the month, NER rose 0.3% from $1,776 the week before October began to $1,781 in the final week, and RevPAU rose 0.2% to $1,683, with both measures holding in two of the four weeks. Rents have stayed in a narrow band for months, so the annual comparisons continue to be set more by last year's numbers than by current pricing. Markets: Occupancy improved across more of the country as October progressed. Occupancy was above last year in 17 of 28 markets in the final week, up from 12 of 28 in the first week, while positive annual rent growth stayed in 7 of 28 markets throughout the month. Markets with occupancy above last year and rents below it rose to 12 of 28 from 9 of 28, among them Austin, Denver, Miami, and Phoenix, pointing to healthy demand with new supply still limiting pricing power. Bottom Line: October 2026 was a month of stability rather than movement. Occupancy and rents both finished the month at their September averages, leasing held at the same weekly pace for four straight weeks, and traffic stayed well above last year. The challenge remains pricing, with NER and RevPAU each 0.7% below October 2025 and annual rent growth positive in only a quarter of reporting markets. Among major markets the spread was wide, with San Francisco 11.1% above last year on October averages while Denver and Las Vegas were each 4.6% below, a 15.7-percentage-point spread. The question heading into the fourth quarter's close is whether broadening occupancy strength starts to lift rents, or whether supply keeps growth concentrated in a small group of markets. Explore our webpage for more insights and resources: https://bit.ly/Radix_Website

    October Occupancy Holds Steady While Rent Growth Stays Below Last Year

  8. 2d ago

    Demand Matches Last Year as Rents Slip Further Behind

    Multifamily Operational Results Occupancy Occupancy held at 94.44%, now 0.08 percentage points above last year, its widest lead since early August. Leased occupancy slipped 0.03 percentage points to 96.58%, its fifth straight weekly decline, yet sits 0.10 percentage points above last year, up from 0.02. Leasing Properties averaged 2.1 new leases for the fourth straight week. That is now level with last year for the first time since early September, after a gap of 0.4 leases in early October. Traffic held at 5.6 per property. Demand appears to have settled at its seasonal floor, at last year’s pace. Rents and revenue Net Effective Rent (NER) slipped 0.1% to $1,775, its lowest since mid-August, and RevPAU slipped 0.1% to $1,676. Annual NER growth weakened to 1.2% below last year, from 1.0% below, and RevPAU growth to 1.1% below, from 0.9% below. Rents have held between $1,775 and $1,781 for eight weeks, with this week at the bottom of that range. Markets Occupancy and rents are moving in opposite directions in 14 markets, up from 12 last week, among them Austin, Denver, Miami, and Phoenix. In each, occupancy is above last year while rents are below it, as new supply limits rent growth. Rent growth stayed positive in 6 of 28 markets. Dallas rejoined the group at 0.2% above last year, its rents steady against a softer number a year ago. Among major markets, San Francisco led at 10.2% above last year, and Denver trailed at 5.4% below, a 15.6-percentage-point spread. Bottom line Demand has caught up with last year while rents slip further behind. Occupancy and leased occupancy are both above last year, and leasing matched last year’s pace for the first time since early September. With leasing steady at 2.1 for four straight weeks, the slowdown looks like a normal seasonal floor rather than weakening demand. Annual NER growth weakened to 1.2% below last year. The question for the holidays is whether demand at last year’s level can keep rents steady through the seasonal slowdown, or whether new supply widens the annual gap. Explore our webpage for more insights and resources: https://bit.ly/Radix_Website

    Demand Matches Last Year as Rents Slip Further Behind
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Covering the latest trends in multifamily housing, demographics, and economic insights, built off real time analytics at the property, submarket and market level.

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