Apartments.com Releases Multifamily Rent Growth Report for March 2026

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National rent growth remains positive in March, but early-season momentum remains restrained

Apartments.com, an industry-leading online marketplace of CoStar Group (NASDAQ: CSGP), published its latest report on multifamily rent trends for March 2026.

U.S. apartment rents increased modestly in March, with the national average rising to $1,723, a +0.2% increase from February’s upwardly revised level of $1,719. This marks the fourth consecutive month of positive rent growth following a period of flat to declining monthly performance in the second half of 2025. On an annual basis, rent growth eased slightly to +0.4% in March 2026, down from +0.5% in February and from +1.5% one year earlier.

While apartment rent growth typically accelerates at this stage of the spring leasing season, gains in March remained modest, suggesting that early-season momentum is developing more gradually than in a typical year. Monthly rent growth has stabilized since late 2025, though supply conditions and more measured demand growth continue to restrain pricing momentum nationally.

Rent growth was broad-based across regions in March, with all five regions posting month-over-month increases. The Midwest and Mountain regions led on a monthly basis, each rising +0.3%, followed by the Northeast and South, both up +0.2%, and the Pacific region, up +0.1%. On an annual basis, regional performance was more uneven. The Midwest recorded the strongest year-over-year rent growth at +1.9%, followed by the Northeast at +1.0% and the Pacific at +0.7%. In contrast, rents declined year over year in the South, down -1.3%, and in the Mountain region, down -2.2%. Performance across Western markets continues to diverge, with supply-heavy Mountain metros facing greater pressure than more supply-constrained Pacific markets.

At the metro level, rent growth broadened further in March, with 46 of the top 50 markets posting month-over-month increases, up from 38 markets in February. San Francisco led monthly rent growth with a +0.8% increase, followed by Boston at +0.7% and the East Bay at +0.6%. Only four major markets recorded monthly rent declines, with Oklahoma City and Northern New Jersey each down -0.1%, while Tucson and the Inland Empire were slightly negative.

On an annual basis, San Francisco continued to outperform, posting rent growth of +6.3%, followed by Norfolk at +4.2%, San Jose at +3.6% and Chicago at +2.7%. Meanwhile, markets experiencing the largest supply additions remained under pressure, led by Austin with a -4.8% annual decline, followed by Denver at -3.5% and San Antonio at -3.3%, reflecting new supply continuing to outpace demand.

Regionally, modest monthly rent gains are now widespread across the country, though year-over-year performance remains uneven and closely tied to local supply conditions. While many markets have moved past peak construction activity, a substantial—though gradually easing—inventory overhang continues to weigh on rent growth nationally as the 2026 spring leasing season gets under way.