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By Joel Nelson on June 9, 2025 in Matrix
While uncertainty clouds much of the economy and financial markets, the U.S. multifamily sector remained healthy in May, according to a new national report from Yardi Matrix.
The average U.S. advertised rent increased $6 that month, representing a 1% year-over-year gain. A heavy supply pipeline is driving occupancy rates down in some metros, but the drop is slow, as demand remains strong in high-supply metros. In fact, strong absorption is reviving rent growth in some high-supply metros, such as Austin, Texas, that have struggled in recent years.
And while rent growth remains negative in most high-supply metros, there’s room for optimism. “Recent gains point to resilient demand that should lead to a rebound in rents once the supply wave subsides,” the report says.
Early metrics indicate that the economy and renter financial health are solid despite the specter of increased tariffs. The consumer price index rose only 2.1% year-over-year as of April, while the economy added 177,000 jobs, more than expected. Wage growth continues to outpace inflation and rent, expanding the pool of prospective renters and supporting demand across the multifamily sector.
Get the latest supply, demand and demographic insight in the Yardi Matrix National Multifamily Report for May 2025.
