Quarterly rent statistics, second quarter 2026

Our take: Rent deflation across major metros signals softening tenant demand and oversupply conditions—this is the market punishing underwritten rent growth assumptions, and investors holding properties with floating-rate debt or refinancing risk should tighten their margin of safety now.

In your underwriting: Base rent assumptions must reset downward by 3–4% year-over-year, forcing a material cut to NOI projections and cap rate compression in deal models unless expense reductions or occupancy gains offset the loss.