09/30/2026
Demand has found its footing. Pricing is sending mixed signals.
For the week of September 27, occupancy eased to 94.48 percent, within 13 basis points of last year. Leasing held at 2.2 per property, with the annual gap unchanged at 0.4 for a second straight week.
Net effective rent slipped 0.2 percent on the week to $1,774, even as annual NER growth improved to 1.0 percent below last year, a fourth straight week of narrowing. That improvement is coming from an easier comparison base, not fresh pricing strength. RevPAU eased to $1,676.
The sharper signal sits under the national line. Of the 28 markets reporting rent data, only 7 posted positive annual rent growth, down from 10 a week ago. The spread ran 17.4 points, from 11.1 percent above last year in San Francisco to 6.3 percent below in Tampa.
U.S. Multifamily Stats for the week of September 27:
Occupancy: 94.48 percent
Annual NER growth: 1.0 percent below last year
RevPAU: $1,676 (1.2 percent below last year)
π Read the latest report: https://radix.com/raot-reports/steady-demand-mixed-pricing-signals/
π§ Listen to the podcast: https://www.buzzsprout.com/2012562/episodes/19882856