Yardi Matrix analysis indicates U.S. multifamily rents holding steady

New report examines factors likely to keep rent growth low through 2025

SANTA BARBARA, Calif., Sept. 5, 2025 – Seasonal trends and consumer caution combined to keep U.S. multifamily rents virtually unchanged in August 2025, according to analysis by Yardi® Matrix presented in a new national report.

The average advertised rent reached $1,755, $1 less than the amount recorded in July and 0.7% higher than in August 2024. The slowing rent growth momentum across most U.S. metros reflects seasonality along with a highly competitive leasing environment driven by elevated deliveries and record absorption.

Rising costs and a softening job market that are tightening consumer budgets could further stall rent growth through year-end. But Yardi Matrix finds that “supply pressures are beginning to ease, with most metros past their supply peak and new starts declining sharply due to the cost of construction and tighter financing.”

Furthermore, lower interest rates are “not likely to be enough to turn around the home sale market,” meaning that “many prospective buyers will remain renters, supporting multifamily demand,” the report notes.

Year-over-year rent growth leaders in August were Chicago; Columbus, Ohio; Minnesota’s Twin Cities; New York City and Detroit. Advertised rent growth was negative in many Sun Belt and Mountain West metros including Austin, Texas; Denver; Phoenix; Dallas and Las Vegas.

Read more about multifamily trends along with in the Yardi Matrix National Multifamily Report for August 2025. The report also includes a summary of the single-family build to rent segment and an analysis of proposed subsidies, tax credits and development policies designed to increase housing development.

Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/ build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn more.

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