National Multifamily Report – September 2025

The U.S. multifamily market downshifted in September, according to Yardi Matrix’s latest survey of 140 markets. The average advertised asking rent slid $6 to $1,750 in September, while annual growth stood at 0.6 percent, down 30 basis points. That was the worst monthly showing since 2022 and the weakest September since 2009. Tides turned in the build-to-rent sector as well, as the advertised rates dropped $15 to $2,194, unchanged year-over-year.

Over and underperformers had an equal split across Yardi Matrix’s top 30 markets. Coastal and Midwestern metros led in terms of rent growth, with New York leading (4.8 percent year-over-year growth), followed by Chicago (3.9 percent), Twin Cities (3.4 percent) and San Francisco (3.3 percent). Markets abundant in supply continued experiencing rental easement, including Denver (-4.3 percent), Austin (-4.0 percent) and Las Vegas (-2.0 percent). Occupancy stood unchanged year-over-year, clocking in at 94.7 percent in August. Few markets underwent large swings in either direction, with outliers including Atlanta (80 basis points improvement year-over-year) and Denver (40 basis points decline).

Few markets were left unscathed

Advertised rents were down 30 basis points month-over-month in September. Just six of Matrix’s top 30 markets experienced gains, most being coastal metros such as New York and San Francisco (0.5 percent each). Notably, 16 markets underwent a rental drop of 0.5 percent or higher. Unsurprisingly, most were within the Sun Belt, but other poor performers emerged in the Midwest, such as Detroit (-0.4 percent), Chicago and Columbus (-0.5 percent each).

One key driver in multifamily demand, household growth, is on track to moderate within the next decade, according to a study by the Joint Center for Real Estate Studies at Harvard University. New households are slated to total roughly 860,000 annually, down from approximately 1.5 million per year in the past decade. Yet, as fewer home purchases are likewise projected, multifamily demand may not be as affected.

Across the single-family build-to-rent sector, national advertised rates fell $15 to $2,194 in September, remaining unchanged year-over-year. Last September marked the worst month since 2015, while this year also represents one of the weakest periods in a decade. For reference, growth averaged 2.8 percent during the five-year pre-pandemic period, while the 2025 average was 0.7 percent. However, the combination of a decline in SFR starts and high mortgage rates that push buyers out could lay out the opportunity for a rental rebound.

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Read the full Yardi Matrix multifamily real estate report.