Q3 2025 U.S. multifamily market overview

Market Overview

‍Through Q3 2025, U.S. multifamily demand remains solid, with the gap between absorbed units and delivered units narrowing as new supply decelerates. Avison Young reports that construction activity has pulled back significantly, helping to firm up supply-side fundamentals. Rent growth remains modest, and vacancy rates are stabilising, signaling a turning point toward balance in the market.

‍About Avison Young

‍Avison Young is a full-service, investor-led commercial real estate advisory firm with global reach, covering markets across North America, Europe and beyond. Their U.S. multifamily market reports draw on proprietary data and market intelligence to track rent trends, delivery pipelines and investor activity. To read the full report, click here.