Top U.S. Multifamily Rent Growth Markets — May 2026
The U.S. multifamily market remained stable in the first quarter of 2026, as asset values and rent growth stabilized amid moderating new supply. Market leaders over the past year came from multiple regions, each bringing their own unique strengths and dynamics.
San Francisco led all multifamily markets in rent growth for the 12-months ending in March 2026, as the area continues to benefit from the artificial intelligence gold rush. Effective rents were up 6.8%, finishing at $3,410/unit, which trailed only the New York Metro area (at $4,043/unit) for the nation’s highest. San Jose finished in the number two spot (up 4.0%), after leading the nation in rent growth for 2025.
The companies leading the AI boom are requiring in-person work and paying premium wages, leading tech workers to flock to the Bay Area, in turn driving rental demand. Additionally, the area rests on a strong foundation of an educated workforce and high household incomes.
Charlotte and Raleigh-Durham also continued to rank high, finishing at number five (up 2.1%) and number eleven (up 1.6%), respectively. Rental demand in the Research Triangle has benefited recently from sustained population inflows, young renter bases, and a diverse group of expanding employment sectors. These markets also ranked highly in the latest Arbor–Chandan Multifamily Opportunity Matrix.
Midwestern multifamily markets also continued to post strong gains. Leaders in the region over the past 12 months include Minneapolis (up 2.8%), Cincinnati (up 1.9%), Chicago (up 1.6%), and Cleveland (up 1.6%).
Here’s a look at all the top U.S. multifamily rent growth markets, with data provided by Moody’s Analytics CRE.
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