Q3 2025 United States Multifamily Report

Market Overview

‍Demand remains elevated in the U.S. multifamily sector with more than 100,000 units absorbed in Q3 2025 — marking a third consecutive quarter above that threshold. Vacancy declined modestly to approximately 9.0 percent while asking rents rose just 1.5 percent year-over-year. New supply has begun to soften, with deliveries down about 27 percent and the construction pipeline reduced to the lowest level in a decade. These trends suggest fundamentals are shifting toward balance, creating a potential turning point for rent growth absent major economic disruptions.

‍About Cushman & Wakefield

‍Cushman & Wakefield is a global commercial real estate advisory firm offering research, brokerage, valuation and capital-markets services. Their U.S. multifamily MarketBeat report draws on national data — including absorption, vacancy, rent trends, deliveries and development pipelines — to give owners, developers and investors a clear snapshot of national asset-class conditions. To read the full report, click here.