Matrix Multifamily National Report-July 2025

Market Overview

In July 2025, the U.S. multifamily sector continued to show modest rent growth, with the average advertised asking rent rising $2 to $1,754—a 0.7% increase over the past year. Despite strong demand—over 300,000 units absorbed in H1—occupancy remained stable at 94.7%, down only 0.1 point year-over-year. Meanwhile, operational expense growth decelerated significantly, with both market-rate and affordable unit costs up just 1.3% and 1.7% in H1, respectively—marking meaningful relief after several years of rapid increases.

About Yardi Matrix

Yardi Matrix is a leading provider of real estate data and analytics across multifamily, student housing, office, industrial, self-storage, and affordable housing sectors. Their national and metro-level multifamily reports deliver timely insights on rent trends, occupancy, supply pipelines, and cost dynamics—designed to inform strategic decisions by investors, operators, and analysts.