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

By Joel Nelson on December 9, 2025 in Matrix

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.