The Radix Review: Multifamily Trends Explained

Occupancy: Occupancy eased again, falling 0.08 percentage points on the week to 93.99% and widening the gap with last year to 0.55 percentage points, from 0.44 percentage points the week before. Leased occupancy fell 0.10 percentage points to 95.68%, its third straight weekly decline, and now trails last year by 1.27 percentage points. National occupancy has held between 93.98% and 94.08% for seve...

Occupancy: U.S. apartment occupancy averaged 94.04% in March 2026, up 0.07 percentage points from February and 0.46 percentage points below March 2025. Leased occupancy averaged 95.83%, up 0.02 percentage points from February and 1.03 percentage points below the same month last year. The month's path was flat rather than rising: occupancy ended March at 93.99%, unchanged from the week before...

Occupancy: U.S. occupancy averaged 94.17% in May 2026, up 0.24 percentage points from April and 0.28 percentage points below May 2025. Leased occupancy averaged 96.28%, up 0.41 percentage points from April and 1.24 percentage points below the same month last year. Both measures rose in all five of May's weeks, with occupancy finishing at 94.23% and leased occupancy at 96.39%. The annual gap n...

Occupancy: U.S. occupancy averaged 93.93% in April 2026, down 0.11 percentage points from March and 0.65 percentage points below April 2025. Leased occupancy averaged 95.87%, up 0.04 percentage points from March but 1.20 percentage points below last year. The two measures moved differently through the month: occupancy rose in two of April's four weeks and ended at 94.03%, while leased occupan...

Occupancy: U.S. occupancy averaged 94.26% in June 2026, up 0.09 percentage points from May 2026 and 0.28 percentage points below June 2025. Leased occupancy averaged 96.44%, up 0.16 percentage points from May and 0.87 percentage points below a year earlier. The weekly path was narrow, with national occupancy holding between 94.25% and 94.27% across the month's four weeks. Occupancy is improvi...

Occupancy: U.S. occupancy averaged 94.65% in July 2026, up 0.39 percentage points from June and 0.11 percentage points above July 2025. The month built steadily, rising in three of July's four weeks and finishing at 94.92%, 0.36 percentage points above last year after starting the month 0.24 percentage points below it. Leased occupancy averaged 96.79%, up 0.35 percentage points from June but...

Occupancy: U.S. apartment occupancy averaged 94.69% in August 2026, up 0.04 percentage points from July 2026 and 0.04 percentage points below August 2025. Leased occupancy averaged 97.12%, up 0.33 percentage points from July and 0.37 percentage points below the same month last year. The month did not hold that level evenly: occupancy fell 0.34 percentage points across August's five weeks, end...

Multifamily Operational Results  Occupancy: U.S. apartment occupancy averaged 94.54% in September 2026, down 0.15 percentage points from August 2026 and 0.09 percentage points below September 2025. Leased occupancy averaged 96.97%, also down 0.15 percentage points from August and 0.05 percentage points below a year earlier. The path through the month was steadily downward, with occupancy falling i...

Occupancy: U.S. occupancy averaged 94.54% in October 2026, unchanged from September and 0.01 percentage points below October 2025. Leased occupancy averaged 96.78%, down 0.19 percentage points from September and level with a year earlier. The weekly path was narrow, with occupancy holding between 94.53% and 94.56% across the month and ending 0.02 percentage points above last year, after starting t...

Multifamily Operational Results Occupancy Occupancy held at 94.44%, now 0.08 percentage points above last year, its widest lead since early August. Leased occupancy slipped 0.03 percentage points to 96.58%, its fifth straight weekly decline, yet sits 0.10 percentage points above last year, up from 0.02. Leasing Properties averaged 2.1 new leases for the fourth straight week. That is now level with...

Multifamily Operational Results  Occupancy: Occupancy eased 2 basis points to 94.53%, holding even with a year ago for the second straight week. Leased occupancy slipped 4 basis points to 96.75% but moved 1 basis point above last year, the first time this fall it has topped the year-ago level. Leasing: Properties averaged 2.1 new leases, just below the 2.2 pace of the previous four weeks and still...

Multifamily Operational Results Occupancy: Average U.S. occupancy declined 0.09 percentage points week over week to 94.45%, though it remains 0.03 percentage points above last year, down slightly from 0.02 percentage points above the week before. Leased occupancy fell 0.10 percentage points to 96.60%, its fourth consecutive weekly decline, and stands 0.02 percentage points above last year for the...

Multifamily Operational Results  Occupancy: Average U.S. occupancy edged up 0.01 percentage points on the week to 94.53%, holding 0.02 percentage points above last year for a second straight week. Leased occupancy fell 0.04 percentage points to 96.70%, a third consecutive weekly decline, though it remains 0.03 percentage points above last year. Occupancy has stayed between 94.48% and 94.58% for 10...

Multifamily Operational Results Occupancy: Occupancy eased 2 basis points to 94.53%, holding even with a year ago for the second straight week. Leased occupancy slipped 4 basis points to 96.75% but moved 1 basis point above last year, the first time this fall it has topped the year-ago level. Leasing: Properties averaged 2.1 new leases, just below the 2.2 pace of the previous four weeks and still...

Multifamily Operational Results Occupancy: Occupancy rose to 94.55%, now exactly even with a year ago after trailing through the summer. Leased occupancy fell 6 basis points to 96.79%, within 1 basis point of last year. Leasing: Properties averaged 2.2 new leases for the fourth straight week, 0.2 below last year, down from a 0.4 gap the week before. Traffic ticked up slightly. Four steady weeks su...

Multifamily Operational Results The national multifamily market began the fourth quarter on firmer footing, led by the broadest occupancy improvement seen in several months. Average U.S. occupancy increased 7 basis points week over week to 94.54%, narrowing the year-over-year gap to just 8 basis points. The improvement was widespread, with 25 of 28 tracked markets posting occupancy gains. Leased o...

Multifamily Operational Results The national multifamily market remained largely stable during the week ending September 20, with fundamentals continuing to track close to prior-year levels despite modest week-over-week declines. Average U.S. occupancy slipped 4 basis points to 94.48%, leaving it just 13 basis points below the same period last year. Leased occupancy fell 6 basis points to 96.86%,...

Multifamily Operational Results The national multifamily market remained largely stable during the week ending September 20, with occupancy continuing to track closely to last year's levels. Average U.S. occupancy was 94.53%, down just 4 basis points from the prior week and only 10 basis points below the same period a year ago. Leased occupancy declined modestly to 96.92%, trailing last year&...

Multifamily Operational Results The national multifamily market remained remarkably stable during the week ending September 13, with occupancy continuing to track very closely to prior-year levels. Average U.S. occupancy was 94.56%, down just 2 basis points from the prior week and only 9 basis points below the same period last year. Leased occupancy declined modestly to 97.00%, trailing year-ago l...

Multifamily Operational Results The national multifamily market held its ground during the week ending September 6, with annual comparisons continuing to tighten as the calendar turns past peak season. Average U.S. occupancy was 94.54%, up 1 basis point week over week and now just 11 basis points below the same period last year, narrowing again from 16 basis points the prior week. Leased occupancy...

Multifamily Operational Results The national multifamily market remained stable during the week ending September 6, with year-over-year comparisons continuing to improve as the industry moves beyond peak leasing season. Average U.S. occupancy increased slightly to 94.54%, up 1 basis point on the week and now just 11 basis points below the same period last year, improving from a 16-basis-point gap...

Multifamily Operational Results The national multifamily market showed signs of stabilization during the week ending August 23, with occupancy recovering a portion of the prior week's decline. Average U.S. occupancy increased 10 basis points to 94.44%, though it remains 26 basis points below the same period last year. Leased occupancy also improved, rising 13 basis points to 96.93%, while con...

The national multifamily market softened during the week ending August 16, driven primarily by a broad decline in occupancy. Average U.S. occupancy fell 46 basis points week over week to 94.36%, and now sits 36 basis points below the same period last year after four consecutive weeks above year-ago levels. Leased occupancy also declined, falling 14 basis points to 96.80% and trailing last year by...

The national multifamily picture held its footing in the week of August 9, with leasing continuing to build even as the other metrics leveled off. As of August 9, the average U.S. occupancy rate was 94.83%, essentially flat on the week and up 9 basis points from a year ago, holding above last year for a fourth straight week, though the margin has narrowed to a slim edge. The leased percentage was...

The national multifamily picture strengthened broadly in the week of August 2, with rents and leasing both picking up as occupancy held above last year. As of August 2, the average U.S. occupancy rate was 94.86%, up 4 basis points on the week and up 16 basis points from a year ago. That's a third straight week above last year. Leased percentage was 96.89%, up 11 basis points on the week and d...