U.S. Multifamily Market Report | Cushman & Wakefield | Q1 2026

Market Overview

‍The U.S. multifamily market entered Q1 2026 with demand normalizing in line with historical seasonal averages, as net absorption totaled 65,200 units, down 34% year-over-year but consistent with the long-run first-quarter average of 64,000 units. National vacancy held flat quarter-over-quarter at 9.4%, hovering within a narrow 9.2% to 9.4% range for over a year, signaling broad stabilization. Supply dynamics continued to improve, with deliveries falling roughly 30% year-over-year to just over 380,000 units on a trailing annual basis, the first time annual deliveries have dropped below 400,000 units since early 2023, while units under construction fell to 472,408, the lowest level since 2016. Average asking rents stood at $1,914 nationally, with rent growth of just 0.9% year-over-year as elevated vacancy and competitive leasing conditions limited pricing power. On the demand side, Phoenix led all markets with approximately 5,800 units absorbed, followed by Dallas/Fort Worth. Worth (5,300), New York (4,500), Austin (3,700), and Charlotte (2,500). With construction activity at a decade low and demand tracking near long-run averages, fundamentals are positioned to gradually firm as the supply cycle continues to recede.

‍About Cushman & Wakefield

‍Cushman & Wakefield is a leading global commercial real estate services firm with approximately 53,000 employees across more than 350 offices in nearly 60 countries, reporting $10.3 billion in revenue in 2025. Their quarterly U.S. Multifamily MarketBeat report tracks vacancy, absorption, asking rents, deliveries, and construction activity across the top 90 metros nationally, providing institutional investors, operators, and lenders with comprehensive market intelligence to support investment and underwriting decisions. To read the full report, click here.