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A new Yardi Matrix national report portrays a U.S. multifamily industry in flux, with the average advertised rent falling sharply amid high levels of supply and deepening economic concerns.
The national average advertised rent fell $6 in September, the biggest one-month drop since November 2022 and the largest September decline since 2009.
A lease-up phase pipeline totaling 525,000 units was one key driver of the rent decline. Another was a slowing economy that saw unemployment reach 4.3% in August and add only 22,000 jobs, well below expectations. This uncertain climate “is concerning for multifamily, given the link between consumer confidence and household formation” that is a key driver of multifamily demand, the report says.
The Federal Reserve’s recent 25-basis-point, short-term interest rate cut, with the prospect of additional cuts, offers hope for an improvement in business activity, hiring and consumer sentiment. “The Fed’s pivot may help stabilize conditions” in the face of supply and labor headwinds that are pressuring near-term demand, the report says.
Some metros did experience year-over-year rent growth in September, led by New York City, Chicago, Minnesota’s Twin Cities, San Francisco, Philadelphia and Kansas City, Missouri.
Meanwhile, Tampa, Florida, Boston, Raleigh, N.C., Las Vegas and Denver recorded the sharpest declines.
Stay up to date on key supply, demand and demographics trends with the Yardi Matrix National Multifamily Report for September 2025.
