Yardi Matrix: U.S. multifamily rents remain in decline

Yardi Matrix multifamily report November 2025

“U.S. multifamily advertised rents have hit a soft patch, dropping $8 in November to $1,740, the fourth straight month with negative growth,” states a new National Multifamily Report from Yardi Matrix.

Several factors are driving this persistent drop, including seasonality, as the winter months are a historically weak period for rent growth. Supply-demand imbalance, as a large delivery pipeline, remains to be absorbed in an environment of weak consumer confidence and slowing job growth.

Spotlight on investment opportunities

Regarding real estate investment, the new report provides an in-depth look at opportunity zones, which offer tax incentives for investments in low-income areas. Created in 2017 with about 8,700 zones, the program was renewed in this year’s tax law and includes new incentives around rural area investment and property basis thresholds.

“Now that the program has been made permanent and benefits have been tested by the market, institutions are taking a long look at both equity and debt [opportunity zone] platforms,” the national report notes.

Single-family rents also dip

Many of the forces affecting multifamily are also resonating in the single-family build-to-rent sector, where advertised rates fell by $10 to $2,185 in November, with year-over-year growth registering -0.5%.

“Though some winter softening is normal, this year’s drop, after 1.4% gains in both 2023 and 2024, signals slowing demand,” the report notes.

See the latest insights on multifamily housing, the single-family build-to-rent segment and the investment landscape in the Yardi Matrix National Multifamily Report for November 2025.

SHARE POST

Facebook LinkedIN

AUTHOR

Joel Nelson, senior marketing writer, joined Yardi in 2007. His byline has appeared in New York Real Estate Journal, Canadian Property Management and Los Angeles Lawyer, among others. He has won multiple awards from major professional organizations including the International Association of Business Communicators and Public Communicators of Los Angeles. Joel earned a bachelor’s degree from Pomona College.

Recent articles

Forbes Best Awards 2026

Yardi is a Forbes Best Company & Best Large Employer for 2026

Yardi earned the No. 388 spot on Forbes’ “America’s Best Companies for 2026” list and No. 477 on the “America’s Best Large Employers” list.

Woman looking sternly into laptop

What to do when CRE feels harder than it should

Many CRE performance issues stem from disconnected systems, not people. Learn where gaps appear across the lifecycle, plus how they increase cost and risk.

02 / 18 / 26

Exterior of multifamily building

2026 multifamily reports: Download the latest from Yardi Matrix

Using with the multifamily industry’s best market intelligence, Yardi Matrix's monthly reports summarize trends and forecasts that support well-informed investment decisions.

02 / 18 / 26