The post Location Shapes Affordable Housing Focus in 2026, Yardi Matrix Reports appeared first on Yardi Matrix Blog.
]]>SANTA BARBARA, Calif., January 14, 2026 – Tax incentives targeted at underserved and high-cost environments comprise the centerpiece of the U.S.’s affordable housing strategy, according to new research completed by Yardi® Matrix.
The federal government’s long-term extension of the Opportunity Zones program and double-digit expansion of Low-Income Housing Tax Credit allocations last year “signal a policy landscape increasingly oriented toward location-based tax incentives that align capital with affordability needs,” states a new Yardi Matrix national report. These actions, along with other measures, aim to “redistribute investment toward locations where development has historically been difficult to achieve.”
More than 348,000 affordable units are planned or under construction within Opportunity Zones and Difficult Development Areas, indicating “how incentives are reshaping supply pipelines at a time when longstanding affordability gaps require sustained production,” the report notes.
Phoenix, Dallas, Miami and Los Angeles have the most units under construction in Difficult Development Areas, which have high land, construction and utility costs relative to the area median income. Phoenix, Los Angeles, New Jersey and Salt Lake City lead in units under construction within the purview of Opportunity Zones, a program designed to amplify development in low-income submarkets.
With “geographically targeted federal incentive programs [playing] a larger role in shaping investment and development strategies,” affordable housing investors and developers will need to determine “which incentive structure aligns with a market’s underlying cost, demand and capital dynamics,” according to Yardi Matrix.
Get more in-depth analysis of the policy changes of 2025 that will drive affordable housing strategies from the January 2026 Yardi Matrix National Affordable Housing Report.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/ build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email matrix@yardi.com, call (480) 663-1149 or visit yardimatrix.com to learn more.
About Yardi
Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.
The post Location Shapes Affordable Housing Focus in 2026, Yardi Matrix Reports appeared first on Yardi Matrix Blog.
]]>The post Year-end Decline Stalls U.S. Advertised Rent Growth, Yardi Matrix Reports appeared first on Yardi Matrix Blog.
]]>SANTA BARBARA, Calif., January 13, 2026 – A decline in U.S. advertised multifamily rents in December 2025 nullified year-over-year rent growth from earlier in the year, new research from Yardi® Matrix documents.
The average U.S. advertised rent fell $5 to $1,737 in December, a 0.3% month-over-month decline that closed out 2025 with 0% year-over-year growth. The market’s weakest quarterly showing since the global financial crisis raises “concerns about near-term multifamily demand,” Yardi Matrix notes in a new national multifamily report.
“Demand has slowed amid flattening job growth and the impact of immigration policy,” the report says, even as occupancy has held firm and supply absorption remains healthy by historical standards.
Rent growth in 2025 was concentrated in coastal markets and the Midwest. The weakest performance was largely confined in the Sun Belt, where elevated new supply weighed on pricing.
Sales volume in 2025 totaled about 10% higher than 2024’s total, with activity highest in secondary and Sun Belt markets such as Dallas, Seattle, Phoenix, Miami and Atlanta.
Looking to the new year, Yardi Matrix analysts note that “despite ongoing economic uncertainty, GDP growth in the fourth quarter points to improving momentum. Greater stability in 2026 could help lift consumer confidence and support a gradual rebound in rental demand.”
Get more insights on rents, occupancy, transactions and the single-family build-to-rent segment in the Yardi Matrix National Multifamily Report for December 2025.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email matrix@yardi.com, call (480) 663-1149 or visit yardimatrix.com to learn more.
About Yardi
Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With over 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.
The post Year-end Decline Stalls U.S. Advertised Rent Growth, Yardi Matrix Reports appeared first on Yardi Matrix Blog.
]]>The post Yardi Matrix: U.S. Multifamily Awaits Economic Direction as 2026 Beckons appeared first on Yardi Matrix Blog.
]]>SANTA BARBARA, CALIF., Dec. 18, 2025 – As the U.S. multifamily market emerges from 2025, a new Yardi® Matrix market analysis examines how conditions that have moderated rent growth might abate in the new year.
Yardi Matrix anticipates that advertised rent growth will grow by a modest 1.2% in 2026, fueled by rising department demand, absorption of excess supply and a sharp drop in apartment starts. “We expect a continuation of the regional trend” of moderate growth in low-supply Northeast and Midwest markets, along with strong demand and supply growth in Sun Belt and Mountain West markets,” Yardi Matrix experts say.
The economy poses the biggest unknown to multifamily market prospects in 2026, as employment, interest rates, artificial intelligence, immigration policy and other factors cast a swirl of uncertainty around consumers and businesses. “Job creation and consumer confidence must improve for multifamily demand to return to robust levels,” according to Yardi Matrix.
On the investment front, multifamily has abundant capital for acquisitions, making the momentum of transaction activity from the second half of 2025 likely to continue next year. “Banks are returning to construction lending, while other types of lenders such as the GSEs [government-sponsored enterprises] … are going full bore,” Yardi Matrix notes.
Get more insights into how supply and demand, the economy, capital market trends and other forces will shape 2026 in the Yardi Matrix U.S. Multifamily Outlook for winter 2026.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/ build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email matrix@yardi.com, call (480) 663-1149 or visit yardimatrix.com to learn more.
About Yardi
Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.
The post Yardi Matrix: U.S. Multifamily Awaits Economic Direction as 2026 Beckons appeared first on Yardi Matrix Blog.
]]>The post Yardi Matrix Reports U.S. Self Storage Market Holding Steady as 2025 Closes appeared first on Yardi Matrix Blog.
]]>SANTA BARBARA, Calif., Dec. 18, 2025 – Yardi® Matrix reports that while U.S. self storage continues to face an imbalance between supply and demand, the market’s investment activity has rebounded in 2025 and advertised rents continue to increase.
The $5.9 billion estimated year-to-date transaction volume recorded as of Nov. 21, 2025, exceeded the total for all of 2024. “Deals this year have been characterized by stronger pricing … driven by a higher share of Class A properties and elevated values in the Northeast and West,” signaling that “investor appetite remains solid,” Yardi Matrix analysts report.
Meanwhile, year-over-year advertised rent rose 0.6% in November, lower than the 0.7% and 0.8% rates measured in October and September, respectively.
While the under-construction inventory holds steady, demand fundamentals remain weak. The combination of elevated supply and subdued demand “is likely to keep rent growth constrained in the near term,” Yardi Matrix says.
Get more insight into the supply pipeline, rent trends, REIT activity and more in the December 2025 Yardi Matrix National Self Storage Report, which draws from 2,883 properties in various stages of development. Yardi Matrix also maintains operational profiles for 32,083 completed U.S. self storage facilities. Yardi Matrix recently added North Dakota metros Fargo, Grand Forks and Bismarck, as well as Topeka, Kan., and Seaford, Del., to its dataset.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email matrix@yardi.com, call (480) 663-1149 or visit yardimatrix.com to learn more.
About Yardi
Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.
The post Yardi Matrix Reports U.S. Self Storage Market Holding Steady as 2025 Closes appeared first on Yardi Matrix Blog.
]]>The post Yardi Matrix Documents Ongoing U.S. Multifamily Rent Growth Decline appeared first on Yardi Matrix Blog.
]]>SANTA BARBARA, Calif., Dec. 10, 2025 – U.S. multifamily advertised rents fell $8 in November 2025, marking the fourth consecutive month of decline, according to new research from Yardi® Matrix.
A weakening job market and waning consumer confidence have combined to brake rent growth, with 90% of the top 30 metros tracked by Yardi Matrix experiencing decline over the last three months. The 0.2% year-over-year rent growth in November was the lowest level since the first quarter of 2021. The negative trend even encompassed metros such as Columbus, Ohio; Indianapolis; New Jersey; San Jose, Calif.; and San Francisco, all historically steady performers that showed positive advertised rent growth in October.
The winter season, traditionally a weak period for rent growth, contribute to the decline, as does a large delivery pipeline that stands amid flagging demand. In fact, “the number of apartment units absorbed in October was the lowest in several years,” says a Yardi Matrix national report on the research.
On another front, recent changes to the opportunity zone tax credit, a law from 2017 that incentivizes investments in low-income areas, may spur new interest in the program among equity and debt institutional real estate investors.
See the latest insights on multifamily housing, the single-family build-to-rent segment and the investment landscape in the Yardi Matrix National Multifamily Report for November 2025.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/ build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email matrix@yardi.com, call (480) 663-1149 or visit yardimatrix.com to learn more.
About Yardi
Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.
The post Yardi Matrix Documents Ongoing U.S. Multifamily Rent Growth Decline appeared first on Yardi Matrix Blog.
]]>The post Yardi Matrix Reports Flat Q3 U.S. Self Storage Sector Performance appeared first on Yardi Matrix Blog.
]]>SANTA BARBARA, Calif., Nov. 19, 2025 – Slower move-in activity and mounting expenses combined to drive U.S. self storage REIT same-store occupancy, revenue and net operating income down in the third quarter of 2025.
New Yardi® Matrix research documents that revenue (down 70 basis points, to 90.2%), weighted-average revenue (-0.6%) and NOI (-2.4%) decelerated from Q2 levels. Elevated expenses, especially higher property taxes, continued to pressure margins, and net move-ins/outs as a share of units dropped to a five-year low.
However, street rates are rising again, as year-over-year move-in rates outpaced move-out rates for the first time in this cycle. October’s year-over-year national asking rate increase signaled a moderate continuation of momentum that had built since August. And strong multifamily demand in some metros, including Philadelphia, Detroit and Tampa, Fla., mitigated elevated self storage supply levels.
But with realized rents remaining flat year-over-year, “operators will need to narrow the spread between street and in-place rents to avoid revenue dilation as turnover increases,” Yardi Matrix says in a new national report.
Get the complete self storage supply and rent recap in the Yardi Matrix National Self Storage Report for November 2025.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email matrix@yardi.com, call (480) 663-1149 or visit yardimatrix.com to learn more.
About Yardi
Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.
The post Yardi Matrix Reports Flat Q3 U.S. Self Storage Sector Performance appeared first on Yardi Matrix Blog.
]]>The post Economic Pressures Impacting U.S. Multifamily Market, Yardi Matrix Reports appeared first on Yardi Matrix Blog.
]]>SANTA BARBARA, Calif., November 12, 2025 – New Yardi®Matrix research shows that the U.S. average advertised asking rent fell by $4 to $1,743 in October 2025, the third consecutive monthly decrease, as inflation and a weakening labor market take their toll on multifamily demand.
Labor market strains are a key factor affecting the multifamily sector. Only about 32% of the expected new jobs materialized in September, while several major employers announced layoffs and buyouts reduced the federal government workforce. The growing impact of inflation, which has been above 2% throughout 2025, on households adds to the steady drop in consumer sentiment.
Absorption rates fell sharply in key Midwest metros including Detroit, Minnesota’s Twin Cities and Indianapolis, and in Sun Belt markets such as Orlando, Fla., Nashville, Tenn., and Miami. Year-over-year rent growth in October remained unchanged at 0.5%.
Yardi Matrix analysts state that while declining rent growth indicates that “the sector may be entering a period of softness,” the sharp drop in starts since 2023 has given high-supply Sun Belt and Western markets time to absorb units in lease-up. And “it would be jumping the gun to read too much into one quarter of data,” as tariffs, deglobalization, deregulation, rising stock prices and the prospect of productivity gains from artificial intelligence continue to play out in the economy.
See the latest insights into supply, demand, demographics, employment and other factors in the October 2025 edition of the Yardi Matrix National Multifamily Report.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email matrix@yardi.com, call (480) 663-1149 or visit yardimatrix.com to learn more.
About Yardi
Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With over 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.
The post Economic Pressures Impacting U.S. Multifamily Market, Yardi Matrix Reports appeared first on Yardi Matrix Blog.
]]>The post Pipeline Prompts Increase in Yardi Matrix Self Storage Supply Estimate appeared first on Yardi Matrix Blog.
]]>SANTA BARBARA, Calif., Nov. 12, 2025 – On the basis of a larger-than-expected construction pipeline, Yardi® Matrix increased its Q4 2025 forecast of U.S. self storage supply completions by 4.3% for 2025 and 4.6% for 2026.
However, data collected by Yardi Matrix continues to show an overall deceleration in both near-term and long-term development interest, as new supply delivered in recent years has put downward pressure on rates and occupancy.
The previous quarter’s forecast of a 0.1% decrease in new supply in 2027 remains unchanged in the Q4 forecast. “Should the combination of advertised rental rate growth and easing monetary policy drive a pickup in Q4 2025 construction starts, subsequent forecasts will be revised higher,” according to Yardi Matrix analysts.
See forecasts for self storage new supply through 2030 in the Yardi Matrix Q4 Bulletin.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/ build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email matrix@yardi.com, call (480) 663-1149 or visit yardimatrix.com to learn more.
About Yardi
Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.
The post Pipeline Prompts Increase in Yardi Matrix Self Storage Supply Estimate appeared first on Yardi Matrix Blog.
]]>The post U.S. Multifamily Supply Up, Rents Down in Revised Yardi Matrix Forecasts appeared first on Yardi Matrix Blog.
]]>SANTA BARBARA, Calif., October 23, 2025 – New Yardi® Matrix supply and rent forecasts project that an anticipated increase in the U.S. multifamily supply will reduce national asking rent growth by 2027.
While Yardi Matrix continues to anticipate new supply will decline through 2027, a larger-than-expected under-construction pipeline led the market intelligence source to increase its previous quarterly estimates for 2025 and 2026 by 6.8% and 2.5%, respectively.
Regarding 2027, with the 400,000 units starting construction in 2025 expected to be completed within 24 months, Yardi Matrix estimates that about 407,000 new units will be available, 12.8% more than the Q3 estimate.
Market-rate housing will account for 76.5% of the 2027 deliveries, followed by affordable housing (14.25%), single-family rentals (7.39%) and senior living (1.86%).
The Q4 supply forecast prompted Yardi Matrix to revise the 3% asking rent growth estimate for 2027, formulated in June, to 2%. Other factors driving this month’s revision include “a more modest trajectory of household formation as the labor market moderates and population growth returns to its pre-COVID decelerating trajectory,” Yardi Matrix says.
Learn more about construction starts, inflation, government deficits, employment and other forces affecting the multifamily market in two new rent and supply forecast bulletins.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/ build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email matrix@yardi.com, call (480) 663-1149 or visit yardimatrix.com to learn more.
About Yardi
Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.
The post U.S. Multifamily Supply Up, Rents Down in Revised Yardi Matrix Forecasts appeared first on Yardi Matrix Blog.
]]>The post Yardi Matrix Documents Growth of U.S. Affordable Housing NOI appeared first on Yardi Matrix Blog.
]]>SANTA BARBARA, Calif., October 21, 2025 – Rising income and decelerating expense growth continue to elevate net operating income for U.S. fully affordable housing properties, as documented by Yardi® Matrix data.
NOI, which increased 7.4% in 2024, grew an average of 5.6% between January and August 2025. The income growth reflects U.S. Department of Housing and Urban Development rent increase formulas that take higher inflation and wage growth into account. Expense deceleration owes to a cooling of post-pandemic inflation shock, especially in maintenance and insurance.
While the expense and income figures are welcome news, especially considering the sluggish NOI growth recorded from 2021-23, Yardi Matrix analysts caution that “the industry can’t afford to celebrate.” That’s because factors such as property maintenance bills coming due and the slowing of income-boosting inflation “are subject to rapid change.” Moreover, federal cuts to various renter subsidies could impair low-income residents’ ability to pay rent.
Get more in-depth analysis based on a 36,000-property fully affordable housing database in the Yardi Matrix National Affordable Housing Report for October 2025.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/ build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email matrix@yardi.com, call (480) 663-1149 or visit yardimatrix.com to learn more.
About Yardi
Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.
The post Yardi Matrix Documents Growth of U.S. Affordable Housing NOI appeared first on Yardi Matrix Blog.
]]>