U.S. Multifamily Market Report | Cushman & Wakefield | Q4 2025

Market Overview

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The U.S. multifamily market absorbed roughly 355,000 units in 2025, the third-strongest annual total in 25 years, yet a record 9.3% national vacancy rate persisted as 400,000 new units hit the market. Asking rent growth came in at just 1.1% year-over-year, the weakest annual gain since the pandemic, with Sunbelt and Western markets bearing the most pressure. The pipeline tells the more optimistic story: at approximately 469,000 units under construction, supply is now roughly 50% below the cycle peak and at its lowest level since 2015. Former construction hotspots including Boise, Charleston, and Austin are already absorbing excess vacancy as deliveries recede. With demand holding and new supply diminishing, conditions are positioned for a gradual rent and occupancy recovery through 2026 and beyond.

‍About Cushman & Wakefield

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Cushman & Wakefield is a global commercial real estate services firm with approximately 52,000 employees across 60 countries and $9.4 billion in revenue. Their U.S. Q4 2025 multifamily MarketBeat covers vacancy rates, net absorption, asking rents, and construction activity to help investors and owners assess conditions across 90-plus metros nationwide. To read the full report, click here.