MARKET SNAPSHOT

National Q3 2026

AVERAGE RENT

$1,728 Q3 2026

OCCUPANCY RATE

93.4% Q3 2026

NET ABSORPTION

507,536 T4Q

ANNUAL RENT CHANGE

0.8% Q3 2026

YoY OCCUPANCY CHANGE

5 BPS

UNIT COMPLETIONS

435,524 T4Q

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KEY TAKEAWAYS

The national multifamily market reached a genuine inflection point in Q3 2026, with trailing four-quarter renter demand moving ahead of annual completions for the first time since early 2022, a shift reinforced by broad-based gains across all three property classes and every U.S. region.with Class C returning to positive absorption for the first time in two years.

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The construction pullback that has defined this cycle continues in earnest, with deliveries, starts, and the active pipeline all falling to their lowest levels in over a decade, setting up further improvement in fundamentals through 2027.

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Rent growth and occupancy both turned a corner this quarter, with all three product classes posting positive annual rent growth for the first time since early 2023 and national occupancy rising above year-ago levels for the first time this cycle, even as regional performance remains uneven.

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MARKET OUTLOOK

The macroeconomic backdrop has proven more resilient than many anticipated earlier in the year. The final Q2 GDP estimate was revised up sharply to 2.2%, matching Q1's pace rather than decelerating from it as previously reported, and the labor market has held up reasonably well despite signs of gradual cooling...

brady.robinson@mmgrea.com

Ryan Brakke

Associate

ryan.brakke@mmgrea.com

National Q3 2026

AVERAGE RENT

OCCUPANCY RATE

NET ABSORPTION

ANNUAL RENT CHANGE

YoY OCCUPANCY CHANGE

UNIT COMPLETIONS

KEY TAKEAWAYS

MARKET OUTLOOK

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