Apartments.com Releases Multifamily Rent Growth Report for April 2026

National rent growth remains positive in April, but spring season momentum remains restrained

ARLINGTON, Va.--(BUSINESS WIRE)--Today Apartments.com, an industry-leading online marketplace of CoStar Group, Inc. (NASDAQ: CSGP), published its latest report on multifamily rent trends for April 2026.

U.S. apartment rents increased modestly in April, with the national average rising to $1,730, a +0.2% increase from March’s upwardly revised level of $1,727. This marks the fifth 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 +0.5% in April 2026, down from +0.6% in March and from +1.4% one year earlier.

While apartment rent growth typically accelerates at this stage of the spring leasing season, gains in April were the weakest since 2014, excepting the pandemic year of 2020, suggesting that spring leasing season momentum is more restrained than in a typical year. While monthly rent growth has stabilized since late 2025, supply conditions and more measured demand growth continue to restrain pricing momentum nationally.

Rent growth was broad-based across regions in April, with all five regions posting month-over-month increases. The Northeast, Midwest and Pacific regions led on a monthly basis, each rising +0.3%, followed by the Mountain region at +0.2% and the South at +0.1%. On an annual basis, regional performance was more uneven. The Midwest recorded the strongest year-over-year rent growth at +2.0%, followed by the Northeast at +1.1% and the Pacific at +1.0%. In contrast, rents declined year over year in the South, down -1.1%, and in the Mountain region, down -1.9%. 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 remained widespread in April, with 45 of the top 50 markets posting month-over-month increases, down slightly from 46 markets in March. San Francisco led monthly rent growth with a +1.0% increase, followed by San Jose at +0.7% and Boston at +0.7%. Only five major markets recorded monthly rent declines, with San Antonio, Las Vegas and Houston each down -0.2%, while Fort Lauderdale and Tampa were down -0.1%.

On an annual basis, San Francisco continued to outperform, posting rent growth of +7.3%, followed by San Jose at +4.3%, Norfolk at +4.2% and Chicago at +2.9%. Meanwhile, markets experiencing the largest supply additions remained under pressure, led by Austin with a -4.1% annual decline, followed by Denver at -3.3% and San Antonio at -3.1%, 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 progresses.

About CoStar Group
CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.

CoStar Group’s major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; Homes.com, the fastest-growing residential real estate marketplace; and Domain, one of Australia’s leading property marketplaces. CoStar Group’s industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible, STR, a global leader in hospitality data and benchmarking; Ten-X, an online platform for commercial real estate auctions and negotiated bids; and OnTheMarket, a leading residential property portal in the United Kingdom.

CoStar Group’s websites attracted 131 million average monthly unique visitors in the first quarter of 2026, serving clients around the world. Headquartered in Arlington, Virginia, CoStar Group is committed to transforming the real estate industry through innovative technology and comprehensive market intelligence. From time to time, we plan to utilize our corporate website as a channel of distribution for material company information. For more information, visit CoStarGroup.com.