Multifamily rent growth has stalled, with rents up just 0.1% year-over-year in March 2026.1
But while rents stay little changed, the bigger story is what could come next. New data from Yardi Matrix’s March 2026 National Multifamily Report highlights emerging risks that may put near-term pressure on rental affordability.
Geopolitical uncertainty
Recent tensions in the Middle East have disrupted global energy supply chains. This has led to upward pressure on energy prices. As of April 15th, 2026, nationwide gasoline prices stand at $4.11 per gallon, up more than 11% or $0.40 from mid-March and nearly 30% or $1.00 a gallon from a year prior.2
With gasoline costs accounting for roughly 3.2% of the average household’s annual outlays,3 the ongoing 30% year-over-year rise in prices at the pump could potentially translate into a one percentage point rise in fuel costs as a share of the average American family’s budget. For context, housing costs account for the largest share—33.4%—of household spending.4
Household utility bills have likewise risen. As of March 2026, electricity prices have risen 4.6% year-over-year, while natural gas prices have increased 6.4% year-over-year.5
This confluence of factors is eroding household budgets and making it increasingly difficult for resource-constrained low- and middle-income renters-by-necessity to absorb higher rents.
What this means for investors: Because working families rent out of necessity rather than choice, higher prices may not weaken demand from existing renter households. However, as Yardi notes, “elevated energy prices could place sustained pressure on household formation,”1 meaning that incremental demand could wane. Either way, higher consumer prices highlight the urgency of building more attainable workforce housing for working American families, both to address existing demand and reduce renter cost burdens.
An AI-fueled economy
Capital investments by major technology companies are projected to exceed $600 billion in 2026, with a substantial share allocated to AI-related infrastructure, including data centers, chips, and networking. By one estimate, this figure will eclipse last year’s record by 36%.6
Business investment is typically positive because it drives economic growth and job creation. But Mohamed El-Erian, a professor at The Wharton School, warns that AI could “be labor displacing or labor-enhancing.”1
What this means for investors: This potential for “jobless growth,” in which AI enhances productivity and business profitability without creating new or higher-paying jobs, could likewise stymie household formation. At the same time, if AI weakens the labor market, it could cause would-be homebuyers to delay their homeownership plans,7 tighten their budgets, or downgrade to more attainable housing options.
Accredited investors can help address the ongoing demand for attainable rentals by investing in workforce housing communities. DLP Capital-sponsored funds, such as the DLP Housing Fund and DLP Building Communities Fund, finance the development, construction, improvement, or preservation of attainable multifamily communities catering to working families in high-demand Sunbelt markets. Explore more today.