Marketbeat U.S. Multifamily | Q2 2025

Market Overview

In Q2 2025, the U.S. multifamily sector delivered strong demand with over 116,000 units absorbed, the sixth-best quarter since 2000, and 216,000 units absorbed year-to-date, mirroring last year’s near-record pace. New deliveries totaled 115,000 units, down 22% year-over-year, while the under-construction pipeline shrank to fewer than 500,000 units, the lowest level since 2016. Although rent growth slowed to 1.7% annually, owner focus on occupancy is paying off, with vacancy improving notably (+20 bps YTD) despite remaining above the long-term average.

About Cushman & Wakefield

Cushman & Wakefield is a global commercial real estate services firm headquartered in Chicago, employing around 52,000 professionals across nearly 400 offices in 60 countries. The firm delivers full-cycle services in leasing, capital markets, property and facilities management, valuation, and more. Cushman & Wakefield’s Market Beat reports blend proprietary data, real-time market stats, and regional insights to help investors and stakeholders track demand, construction, and rental trends across the U.S. multifamily sector.