Q1 2025 National Multifamily Report

Market Overview

The U.S. multifamily market remained resilient in Q1 2025, posting a 95% occupancy rate and 1.1% year-over-year rent growth despite headwinds from capital market volatility. National absorption outpaced new deliveries, with nearly 708,000 units absorbed over the trailing 12 months versus 577,000 completed. This dynamic helped keep fundamentals stable across asset classes. Although Class A assets still face supply-driven competition, Class B and C units continued to benefit from affordability-driven demand. Economic tailwinds such as job and household formation growth are reinforcing long-term multifamily demand across both urban and suburban markets.

About Berkadia

Berkadia is a leading real estate services firm offering capital solutions and investment sales expertise, with a strong focus on multifamily housing. A joint venture between Berkshire Hathaway and Jefferies Financial Group, Berkadia combines institutional strength with deep market insight. The firm is widely recognized for its data-rich research, financing capabilities, and commitment to helping clients navigate changing market conditions. Its national reports blend macroeconomic indicators with transactional data, offering valuable perspectives for owners, lenders, and investors across the rental housing spectrum.

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