Austin and San Jose top the latest U.S. multifamily market momentum index from Apartments.com and CoStar, which ranks metros by year-over-year improvement in rent growth, vacancy, supply-demand balance, and construction pipeline changes. Austin’s rent declines have slowed, vacancy is trending lower, and a sharp pullback in construction is helping demand close the gap with supply. San Jose ranks second, reflecting a localized demand rebound and improved rent growth and vacancy, while construction pipeline increases remain modest. Jacksonville ranks third, with vacancy dropping roughly 170 basis points over the past year even as rent remains slightly negative. The index highlights where conditions are gaining ground most quickly, with recovery uneven since the second quarter of 2025 and four of the top 10 markets still reporting annual rent declines.
CoStar Group IncCoStar's Apartments.com platform is highlighted as the source of the momentum index, showcasing its data and market position in multifamily real estate.