The Radix Review: Multifamily Trends Explained

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.

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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.

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Multifamily Operational Results 

Occupancy: Occupancy eased 2 basis points to 94.53%, holding even with a year ago for the second straight week. Leased occupancy slipped 4 basis points to 96.75% but moved 1 basis point above last year, the first time this fall it has topped the year-ago level.

Leasing: Properties averaged 2.1 new leases, just below the 2.2 pace of the previous four weeks and still 0.2 below last year. Traffic eased to 5.8 per property but remained 3.1 above last year. Leasing pace remains near its seasonal floor.

Rents and revenue: Net Effective Rent (NER) rose $1 to $1,779 and RevPAU rose $1 to $1,682. Annual NER growth improved to 0.5% below last year, from 0.6% below, and RevPAU growth improved by the same margin to 0.5% below. National rents have now stayed between $1,774 and $1,781 for six straight weeks.

Markets: Occupancy and rents are moving in opposite directions in 11 markets for the second straight week: Austin, Charlotte, Denver, Greenville, Miami, Phoenix, Portland, Sacramento, Salt Lake City, Tampa and Tucson. In each, occupancy is above last year while rents are below it. The group changed at the edges: Salt Lake City joined as its rents slipped below last year, and Riverside left as its occupancy fell below last year.

Rent growth stayed positive in only 7 of 28 markets for the fourth straight week, but the group shifted. Dallas turned positive at 0.6% above last year, from 0.2% below, while Salt Lake City slipped to 0.1% below. San Francisco led at 11.3% above last year and San Antonio trailed at 6.9% below, an 18.2-percentage-point spread, up from 17.5.

Bottom Line: Occupancy held even with last year for a second week, and leased occupancy moved above last year for the first time this fall. Rents stayed in a narrow range while annual rent and revenue growth both improved to 0.5% below last year. The question for the rest of the fourth quarter is whether demand at year-ago levels can lift pricing, or whether new supply keeps rent growth limited to a small and shifting group of markets.

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Multifamily Operational Results

Occupancy: Average U.S. occupancy declined 0.09 percentage points week over week to 94.45%, though it remains 0.03 percentage points above last year, down slightly from 0.02 percentage points above the week before. Leased occupancy fell 0.10 percentage points to 96.60%, its fourth consecutive weekly decline, and stands 0.02 percentage points above last year for the third straight week. Occupancy has now fallen in three of the last four weeks, which is the expected seasonal pattern as the market moves further from the summer leasing season.

Leasing: Properties averaged 2.1 new leases per property, unchanged on the week for the fifth consecutive week and the third straight week at this level. That pace is 0.1 below last year, an improvement from a 0.2 gap the week before, and marks the eighth straight week below prior-year levels. Traffic edged down 0.1 to 5.6 per property but remains 3.2 above a year ago. Five steady weeks suggest demand has settled at its seasonal floor rather than continuing to weaken.

Rents and revenue: Net Effective Rent (NER) and RevPAU stayed relatively flat on the week. Annual NER growth softened to 1.0% below last year, from 0.8% below the week before, and RevPAU growth softened to 0.9% below, from 0.7% below. National rents have stayed between roughly $1,774 and $1,781 for 14 weeks, and revenue between roughly $1,676 and $1,684 for 12 weeks. Pricing is holding its level, but it is not yet gaining ground on last year.

Markets: Occupancy fell on the week in all but 3 of the 28 reporting markets, down sharply from 15 markets posting gains last week, confirming that the softening was broad rather than isolated. Occupancy and rents continue to move in opposite directions in 12 markets, the same as last week and up from 11 two weeks ago. Among the markets Radix covers in depth, they include Austin, Denver, Miami, and Phoenix, where occupancy sits above last year while rents sit below it. Demand is healthy in those markets, but new supply continues to limit pricing power.

Annual rent growth stayed positive in only 6 of 28 markets, down from 7 last week. San Francisco led at 11.4% above last year, and Denver trailed at 4.8% below, a 16.2-percentage-point spread. San Francisco also held the highest occupancy among the markets Radix covers in depth at 96.82%, while Austin held the lowest at 93.16%.

Bottom line: The market enters November with occupancy easing on a broad basis while everything else holds its ground. Occupancy and leased occupancy both declined on the week yet remain marginally above last year, leasing has held at 2.1 new leases per property for three straight weeks, and rents and revenue stayed inside ranges they have occupied since the summer. The challenge is that annual rent and revenue comparisons both lost a little ground this week, and positive rent growth is now confined to 6 of 28 markets. The question for the rest of the fourth quarter is whether this stability in leasing holds through the slower season, or whether continued occupancy softening starts to pull rents below the range they have defended since August.

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Multifamily Operational Results 

Occupancy: Average U.S. occupancy edged up 0.01 percentage points on the week to 94.53%, holding 0.02 percentage points above last year for a second straight week. Leased occupancy fell 0.04 percentage points to 96.70%, a third consecutive weekly decline, though it remains 0.03 percentage points above last year. Occupancy has stayed between 94.48% and 94.58% for 10 weeks, so the market is holding a steady level rather than building on it.

Leasing: Properties averaged 2.1 new leases for the second straight week and the fourth consecutive week without a weekly change, 0.2 below last year. Traffic was unchanged at 5.7 per property, 3.2 above a year ago. Four flat weeks of leasing alongside traffic that continues to run well ahead of last year suggest demand has settled at its seasonal floor.

Rents and revenue: Net Effective Rent (NER) held at $1,781 and RevPAU held at $1,683, with neither moving on the week. Annual NER growth slipped to 0.8% below last year, from 0.5% below the week before, and RevPAU growth moved to 0.7% below last year, from 0.5% below. With current rents unchanged, both comparisons worsened because of firmer numbers a year ago. National rents have stayed between $1,774 and $1,781 for 13 weeks.

Markets: Occupancy rose on the week in 15 of 28 markets, up from 6 last week, and 17 markets now sit above last year, up from 14. Atlanta, Dallas, Denver, Houston, Las Vegas, Miami, and Phoenix posted weekly occupancy gains. Occupancy and rents are moving in opposite directions in 12 markets, up from 11 last week, including Austin, Denver, Miami, and Phoenix. In each, occupancy is above last year while rents are below it, pointing to healthy demand against new supply that is limiting pricing power.

Annual rent growth stayed positive in only 7 of 28 markets, the same count for five straight weeks. San Francisco led at 11.5% above last year, and Denver trailed at 4.6% below, a 16.1-percentage-point spread.

Bottom line: Bottom line: Occupancy held above last year for a second week while rents and revenue stood still. Leasing has been flat for four weeks, traffic remains 3.2 per property above last year, and NER has moved within a $7 range for 13 weeks. The challenge is that the annual comparisons moved the wrong way this week, with NER 0.8% below last year and RevPAU 0.7% below, entirely because of stronger numbers a year earlier. The question heading toward year end is whether steady occupancy and traffic eventually lift rents, or whether pricing strength stays confined to the small group of markets still posting annual gains.

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Multifamily Operational Results

Occupancy: Occupancy eased 2 basis points to 94.53%, holding even with a year ago for the second straight week. Leased occupancy slipped 4 basis points to 96.75% but moved 1 basis point above last year, the first time this fall it has topped the year-ago level.

Leasing: Properties averaged 2.1 new leases, just below the 2.2 pace of the previous four weeks and still 0.2 below last year. Traffic eased to 5.8 per property but remained 3.1 above last year. Leasing pace remains near its seasonal floor.

Rents and revenue: Net Effective Rent (NER) rose $1 to $1,779 and RevPAU rose $1 to $1,682. Annual NER growth improved to 0.5% below last year, from 0.6% below, and RevPAU growth improved by the same margin to 0.5% below. National rents have now stayed between $1,774 and $1,781 for six straight weeks.

Markets: Occupancy and rents are moving in opposite directions in 11 markets for the second straight week: Austin, Charlotte, Denver, Greenville, Miami, Phoenix, Portland, Sacramento, Salt Lake City, Tampa and Tucson. In each, occupancy is above last year while rents are below it. The group changed at the edges: Salt Lake City joined as its rents slipped below last year, and Riverside left as its occupancy fell below last year.

Rent growth stayed positive in only 7 of 28 markets for the fourth straight week, but the group shifted. Dallas turned positive at 0.6% above last year, from 0.2% below, while Salt Lake City slipped to 0.1% below. San Francisco led at 11.3% above last year and San Antonio trailed at 6.9% below, an 18.2-percentage-point spread, up from 17.5.

Bottom line: Occupancy held even with last year for a second week, and leased occupancy moved above last year for the first time this fall. Rents stayed in a narrow range while annual rent and revenue growth both improved to 0.5% below last year. The question for the rest of the fourth quarter is whether demand at year-ago levels can lift pricing, or whether new supply keeps rent growth limited to a small and shifting group of markets.

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Multifamily Operational Results

Occupancy: Occupancy rose to 94.55%, now exactly even with a year ago after trailing through the summer. Leased occupancy fell 6 basis points to 96.79%, within 1 basis point of last year.

Leasing: Properties averaged 2.2 new leases for the fourth straight week, 0.2 below last year, down from a 0.4 gap the week before. Traffic ticked up slightly. Four steady weeks suggest demand has found its seasonal floor.

Rents and revenue: Net Effective Rent (NER) held at $1,778 and RevPAU at $1,681, both within $2 of last week. Annual NER growth improved to 0.6% below last year, from 1.0% below. RevPAU growth improved to 0.6% below, from 1.1% below. With current rents steady, both gains came from softer numbers a year ago. National rents have stayed between roughly $1,775 and $1,780 for more than a month.

Markets: Occupancy and rents are moving in opposite directions in 11 markets, up from 9 last week and 7 two weeks ago: Austin, Charlotte, Denver, Greenville, Miami, Phoenix, Portland, Riverside, Sacramento, Tampa and Tucson. In each, occupancy is above last year while rents are below it. Demand is healthy, but new supply is limiting rent growth.

Bottom line: Occupancy matched last year for the first time this fall. Rents, occupancy and leasing all held steady on the week. Annual rent and revenue growth both improved to 0.6% below last year, thanks to softer numbers a year ago. The question for the fourth quarter is whether this stability turns into pricing power, or whether new supply keeps rent growth limited to a small group of markets.

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Multifamily Operational Results

The national multifamily market began the fourth quarter on firmer footing, led by the broadest occupancy improvement seen in several months. Average U.S. occupancy increased 7 basis points week over week to 94.54%, narrowing the year-over-year gap to just 8 basis points. The improvement was widespread, with 25 of 28 tracked markets posting occupancy gains. Leased occupancy remained essentially unchanged at 96.85% and now trails last year's level by only 4 basis points. While occupancy remains slightly below prior-year levels, the market has largely stabilized after the expected late-summer slowdown.

Leasing activity remained steady. Properties averaged 2.2 new leases signed during the week, unchanged from the prior week and 0.4 leases below the same period last year. More notable than the level itself is the consistency: leasing activity has held at this pace for three consecutive weeks, suggesting demand has established its seasonal floor rather than continuing to weaken. Traffic was also largely unchanged, reinforcing the view that renter demand remains stable heading into the fall.

Pricing continued to improve modestly, though momentum slowed. Net Effective Rent (NER) increased 0.1% week over week to $1,780, while annual NER growth for new leases held at -1.0%. After four consecutive weeks of narrowing annual rent gaps, progress paused this week. The positive takeaway is that rents are no longer losing ground relative to last year. The challenge is that they are not yet showing enough strength to close the remaining gap either.

The contrast between occupancy and pricing remains one of the defining themes in the data. While occupancy improved across nearly every major market, rent growth remains concentrated in a relatively small group of outperformers. Only 7 of 28 tracked markets posted positive year-over-year rent growth, unchanged from the prior week. The spread between the strongest and weakest markets remained substantial at 16.7 percentage points, ranging from +10.5% in San Francisco to -6.2% in both San Antonio and Tampa.

Several markets continue to illustrate the industry's supply-driven dynamic. Austin, Denver, Miami, Phoenix, Portland, Riverside, Sacramento, Tampa, and Tucson all reported occupancy levels above last year while rents remained below year-ago levels. That combination suggests demand remains healthy, but ongoing supply absorption continues to limit pricing power.

Revenue performance improved slightly as occupancy strengthened. RevPAU increased 0.1% on the week to $1,683, while the year-over-year comparison improved to -1.1% from -1.2%. With annual rent growth unchanged, the improvement in revenue this week was driven primarily by stronger occupancy rather than pricing.

Bottom Line: The fourth quarter opens with a multifamily market that appears fundamentally stable. Occupancy improved across nearly every major market, leasing activity has held at its seasonal floor for three consecutive weeks, and revenue remains within roughly one percentage point of last year's pace. The remaining challenge is pricing. While occupancy gains have become increasingly broad-based, rent recovery remains limited to a relatively small group of markets. The key question for the quarter is whether widespread occupancy strength ultimately translates into stronger pricing power, or whether elevated supply continues to keep those two metrics moving on separate tracks.

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Multifamily Operational Results

The national multifamily market remained largely stable during the week ending September 20, with fundamentals continuing to track close to prior-year levels despite modest week-over-week declines. Average U.S. occupancy slipped 4 basis points to 94.48%, leaving it just 13 basis points below the same period last year. Leased occupancy fell 6 basis points to 96.86%, trailing year-ago levels by only 7 basis points. While occupancy briefly firmed in mid-September, that momentum has leveled off, leaving the market essentially unchanged from where it stood a month ago.

Leasing activity also showed signs of stabilization. Properties averaged 2.2 new leases signed during the week, down just 0.1 from the prior week and 0.4 below the same period last year. Notably, that year-over-year gap has remained unchanged for two consecutive weeks, suggesting leasing demand has found its seasonal floor rather than continuing to weaken. Traffic levels were also unchanged, reinforcing the view that the market has transitioned into its typical fall leasing pattern.

Rent performance presented a mixed picture. Net Effective Rent (NER) declined 0.2% week over week to $1,774 and was essentially flat compared to one month ago. However, annual NER growth for new leases improved to -1.0%, narrowing from -1.1% the prior week and marking the fourth consecutive week of year-over-year improvement. It's important to note that the improvement in the annual comparison was driven primarily by a more favorable comparison period rather than accelerating rent growth in the current week. While pricing conditions continue to improve gradually, the weekly data suggests momentum remains modest.

Market-level performance continues to tell a much different story than the national average. Of the 28 markets reporting rent data, only 7 posted positive annual rent growth, down from 10 the prior week, while 21 markets remained negative. The spread between the strongest and weakest markets remained substantial at 17.4 percentage points, ranging from +11.1% in San Francisco to -6.3% in Tampa. Several markets, including Austin, Denver, Phoenix, Portland, Riverside, Sacramento, and Tucson, continue to report occupancy levels above last year despite declining rents. This pattern remains consistent with supply-driven pricing pressure rather than weakening demand, as new inventory continues to be absorbed across many Sun Belt markets.

Revenue performance closely mirrored rent trends. RevPAU declined 0.3% on the week to $1,676, while the year-over-year comparison remained unchanged at -1.2%. Revenue has largely followed rent movements throughout September, with pricing remaining the primary driver of improvement or weakness.

Bottom Line: September ended with a multifamily market that appears balanced but not particularly dynamic. Occupancy remains within striking distance of last year's levels, leasing demand has stabilized at a typical fall pace, and annual rent comparisons have improved for four consecutive weeks. However, the underlying details are less robust than the headline numbers suggest. Weekly rent growth turned negative, the number of markets posting positive rent growth declined, and much of the improvement in annual comparisons is being driven by easier year-over-year benchmarks rather than accelerating fundamentals.

The key question heading into October is whether pricing can begin generating sustained momentum on its own, or whether the recent improvement in annual rent and revenue metrics fades as comparison periods become less favorable.

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Multifamily Operational Results

The national multifamily market remained largely stable during the week ending September 20, with occupancy continuing to track closely to last year's levels. Average U.S. occupancy was 94.53%, down just 4 basis points from the prior week and only 10 basis points below the same period a year ago. Leased occupancy declined modestly to 96.92%, trailing last year's level by just 5 basis points. Importantly, occupancy now sits slightly above where it stood a month ago, indicating that the typical late-summer decline has largely run its course and fundamentals have stabilized as the market moves deeper into the fall season.

Leasing activity has settled into a more seasonal rhythm. Properties averaged 2.2 new leases signed during the week, unchanged from the prior week and 0.4 leases below the same period last year. While the year-over-year gap widened slightly, leasing volume itself has stabilized, suggesting demand is finding its typical post-summer baseline rather than experiencing a new downturn. Demand remains healthy and continues to track much closer to historical norms than it did earlier in the year.

Rent performance continued its gradual improvement. Net Effective Rent (NER) increased 0.1% week over week to $1,775 and is now up 0.4% over the past month. Annual NER growth for new leases improved to -1.1%, marking the third consecutive week the year-over-year rent gap has narrowed. While pricing remains the primary factor holding overall performance below last year's levels, the trend since late August has been consistently positive.

The national averages, however, mask increasingly divergent conditions at the market level. Among the 28 tracked markets reporting net effective rent data, 10 posted positive year-over-year rent growth while 18 remained negative. The gap between the strongest and weakest markets expanded to 18.2 percentage points, ranging from +10.6% in San Francisco to -7.6% in San Antonio. Several markets, including Austin, Denver, Phoenix, Portland, Riverside, Sacramento, and Tucson, continue to report occupancy above last year's levels despite declining rents. That combination points to a market where demand remains healthy but pricing is pressured by new supply coming online, reinforcing that supply absorption, rather than weakening demand, remains the dominant story across much of the Sun Belt.

Revenue trends continued to improve alongside pricing. RevPAU increased 0.1% on the week to $1,678 and is up 0.5% over the past month. The year-over-year comparison improved to -1.2%, continuing a steady recovery. Unlike earlier this year when occupancy gains drove most of the improvement, recent revenue gains are increasingly being fueled by stronger rent performance while occupancy remains relatively unchanged.

Bottom Line: National multifamily fundamentals remain stable. Occupancy is effectively back to year-ago levels, leasing activity has settled into its expected seasonal pace, and rents have improved for three consecutive weeks. The larger story, however, is the growing divergence between markets. National averages suggest balance, but local conditions vary dramatically depending on supply dynamics, with an 18-point spread between the strongest and weakest major markets. As the industry heads further into the fall, the key question is no longer whether demand can recover, but whether improving pricing trends can continue and whether market-level performance continues to diverge.

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