Where Is Multifamily Rent Truly Rising?
- Dennis Lee
- Jul 2
- 2 min read
by Dennis Lee, CEO at Market Stadium
Multifamily Rent: 1-Year MoM % Average & Trend Direction
Over the past 12 months, we tracked multifamily rent changes across 20 major U.S. metros.
But instead of just asking how much rents have changed, we dug deeper:
📉 Are rents still rising — or just coasting on past gains?
Two Lenses, One Goal: Identify Real Momentum
To assess real momentum, we combined:
📈 1-Year Average MoM % Change
→ How each market performed on average across the past 12 months
→ Used for ranking metros
📉 Trend Direction (Linear Regression on MoM %)
→ Captures the trajectory of rent change — whether it’s rising, flat, or falling
→ Visualized via color:
🟦 Increasing
🟧 Moderate
🟥 Decreasing
🔁 Same average, different momentum — and that’s what matters.
Key Insights
✅ 1. High Growth Doesn’t Always Mean Upward Trend
Washington DC had the highest 1-year rent growth (+0.30%), but its trend is decreasing
→ Suggests early-year gains are now tapering off
✅ 2. True Momentum: Boston & San Francisco
Despite mid-range average growth, both metros are trending upward
→ Possible signs of renewed demand or recovery from earlier softening
✅ 3. Stable Plays: Philadelphia, Seattle, Tampa
Showed flat or slightly positive growth, classified as Moderate
→ May appeal to yield-focused investors seeking lower volatility
🚨 4. Markets to Watch: Dallas, Phoenix, Denver
These metros are facing both declining trends and below-average growth
→ Possible oversupply, tenant softness, or cooling demand
Click the Book Demo button in the top navigation bar for a personalized walkthrough.
Explore our Product page or walkthrough website anytime for more info on features we provide!
Dennis Lee
CEO at Market Stadium
Prev. Lionstone Investments Research Team
Comments