Yardi Matrix: Job Market, Weak Home Sales Drive Multifamily Rent Growth

New report shows solid demand offsetting record supply delivery

SANTA BARBARA, CALIF., May 7, 2025 – A new national multifamily report from Yardi® Matrix illustrates how a solid labor market and weak home sales resulted in a moderate level of U.S. multifamily advertised rent growth in April 2025.

The national average asking rent rose $5 to $1,736 that month, representing a 0.9% year-over-year growth rate. Although record delivery levels have applied downward pressure on rents, “strong job growth and fewer renters moving into homes” have facilitated absorption of the supply, according to the report.

However, the report notes, national occupancy in March recorded the lowest rate since November 2013 as the U.S. “continues to contend with a record volume of supply delivered during the post-pandemic boom.”

Rent growth leaders in April were New York City; Columbus, Ohio; Philadelphia; Kansas City, Mo.; and Chicago.

While multifamily market fundamentals remain healthy, “economic uncertainty caused by tariffs could challenge the market,” if weaker economic growth slows demand and tempers rent growth.

Get details on multifamily supply, demand, demographics and more in the Yardi Matrix national multifamily report for April 2025. Join Matrix experts on May 15 as they offer strategic insights on the state of the multifamily market.

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, affordable, student housing, vacant land, industrial, office, retail and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn more.

About Yardi

Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.