Yardi Matrix: Multifamily market performance in April 2025

Average advertised multifamily rents grew modestly in April while absorbing high levels of supply. Strong job growth and fewer renters moving to homes have helped maintain healthy absorption.

Written by Joel Nelson

05 / 12 / 25

2 min read

A new Yardi Matrix report provides insight into U.S. multifamily market performance. Data shows that this sector is achieving moderate but steady gains in average advertised rents while absorbing high levels of supply and remaining alert to potential challenges.

The average U.S. advertised rent increased by $5 in April 2025, reaching $1,736, with the Northeast and Midwest regions recording the highest levels of growth. While the national occupancy rate declined to its lowest point in more than a decade, strong job growth and fewer renters moving into homes have helped maintain healthy absorption of supply.

High for-sale house prices and mortgage rates have also spurred rental demand, with existing home sales dropping by 5.9% in March to reach the slowest pace since the 2009 crisis.

While multifamily market fundamentals remain healthy, the economic uncertainty caused by tariffs could challenge the market, as weaker economic growth could offset the supply slowdown anticipated in the coming years. This could produce a decrease in multifamily demand that could delay rent growth recovery.

Concerns over tariffs and the economic outlook also weighed on investors, as all but $1.5 billion of the $16.5 billion of planned commercial mortgage-backed security transactions sat on the sidelines in April.

Read the full national multifamily market performance report from Yardi Matrix for more insight into the U.S. multifamily industry.

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.

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