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By Joel Nelson on July 29, 2025 in Matrix
Mid-year finds U.S. multifamily at a crossroads, with rents seemingly treading water as the market digests supply, demand and economic factors.
The market’s robust demand is tempered by rapid supply growth in many markets and widespread economic uncertainty centered about tariff and immigration policy impacts, according to a new national report from Yardi Matrix.
The national average advertised asking rent rose just 0.9% year-over-year in June, reaching $1,749. While rents have risen by 1.2% year-to-date, “rent growth is seasonal, typically concentrated in the first two quarters,” meaning that “full-year 2025 growth is likely to be tepid,” the report states.
While the economy and job market remain strong, growth in these areas has slowed, and “the impact of tariff and immigration policies in the second half remains uncertain.”
June rent growth was strongest in the Midwest, including Chicago and Columbus, Ohio, and negative in many Sun Belt and Mountain West metros such as Austin, Texas and Denver.
Meanwhile, advertised rates for single family build-to-rent units rose 0.7% year-over-year in June, reaching $2,201, the first time advertised rents have surpassed $2,200.
Get more insight into supply, demand and demographics data affecting the multifamily and single-family build to rent sectors in the new Yardi Matrix National Multifamily Report for June 2025.
