National Multifamily Market Report | Yardi Matrix | Q4 2025

Market Overview

The U.S. multifamily market recorded its fourth consecutive month of negative advertised rent movement in November 2025, with the average asking rate falling $8 to $1,740, marking the weakest annual growth since 2021 at just 0.2%. All but one of Yardi Matrix's top 30 markets posted short-term declines, and October absorption figures came in at their lowest nationally in several years. The market's split remained pronounced: New York led with 5.7% annual rent growth, alongside Chicago at 3.8% and San Francisco at 2.6%, while Austin fell 5.0%, Phoenix and Denver each dropped 4.1%, and Dallas slid 2.0%. National occupancy held at 94.7%, with demand proving more resilient than pricing. The Opportunity Zone program's permanent enshrinement is projected to bring roughly 1 million new units to market over the next decade, adding a structural development tailwind.

About Yardi Matrix

Yardi Matrix is a commercial real estate data and research platform serving multifamily investors, developers, and property managers across the U.S. Their National Multifamily Market Report for November 2025 tracks asking rents, occupancy, absorption, and market-level performance across the top 30 U.S. markets to help owners and investors assess conditions and track performance trends. To read the full report, click here.