US Multifamily Rent Growth Moderates as Large Metros Diverge

According to Yardi Matrix, as the US multifamily market settles into Q3, conditions remain stable, with underperforming areas showing improvement while some higher-performing markets cool.

In July, the average advertised asking rent rose $2 to $1,754, a 0.7% year-over-year increase. Occupancy held steady for the fourth consecutive month at 94.7%, down 0.1% from a year earlier. In the build-to-rent sector, average advertised asking rents increased $3 in July to $2,205, up 0.4% year-over-year.

On a year-over-year basis, Yardi Matrix’s top 30 markets were evenly split between metros with positive and negative rent growth. Midwest and Northeast markets outperformed, led by Chicago (4.1%), Columbus, Ohio (3.9%), Detroit (3.5%), and New Jersey (2.7%). In contrast, Sun Belt metros faced rent declines amid elevated completions, including Austin (-4.6%), Denver (-3.9%), and Phoenix (-2.8%).

Yardi reported that more than 300,000 units were absorbed nationwide in the first half of 2025, helping keep occupancy stable despite high levels of new supply.