National Multifamily Market Report | Yardi Matrix | Q4 2025

Market Overview

U.S. multifamily absorbed just 110,000 units in the third quarter of 2025, less than half the 185,000-unit average posted in Q1 and Q2, signaling a meaningful deceleration in demand momentum. The Midwest led the pullback with a 75% sequential drop in absorption, followed by the Southeast at 55%. Against that backdrop, the average advertised asking rent slid $4 to $1,743, up 0.5% year-over-year, with only two of the top 30 markets gaining ground month-over-month. National occupancy held at 94.7%, up 10 basis points annually, as gateway and Midwest markets continued to absorb new units at a steadier pace. New York led annual rent growth at 4.7%, Chicago at 3.9%, and San Francisco at 3.4%, while Austin fell 4.8% and Denver 4.1%, reflecting the persistent weight of excess supply in high-deliveries markets.

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 October 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.