Yardi Matrix documents ongoing U.S. multifamily rent growth decline

Rising economic anxiety, seasonal slowdown key factors in widespread market softness

SANTA BARBARA, Calif., Dec. 4, 2025 – U.S. multifamily advertised rents fell $8 in November 2025, marking the fourth consecutive month of decline, according to new research from Yardi® Matrix.

A weakening job market and waning consumer confidence have combined to brake rent growth, with 90% of the top 30 metros tracked by Yardi Matrix experiencing decline over the last three months. The 0.2% year-over-year rent growth in November was the lowest level since the first quarter of 2021. The negative trend even encompassed metros such as Columbus, Ohio; Indianapolis; New Jersey; San Jose, Calif.; and San Francisco, all historically steady performers that showed positive advertised rent growth in October.

The winter season, traditionally a weak period for rent growth, contributes to the decline, as does a large delivery pipeline that stands amid flagging demand. In fact, “the number of apartment units absorbed in October was the lowest in several years,” says a Yardi Matrix national report on the research.

On another front, recent changes to the opportunity zone tax credit, a law from 2017 that incentivizes investments in low-income areas, may spur new interest in the program among equity and debt institutional real estate investors.

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.

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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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.