US Multifamily Market Report | Q2 2025

Market Overview

Through the first half of 2025, U.S. multifamily demand remains robust, with absorption on track to exceed 2024’s record levels. Construction starts have declined by an average of 10.4% quarter-over-quarter over the past year, and deliveries are expected to reach near all-time highs in 2025, before plunging 57.3% in 2026. Rents are showing early signs of life, up 1.8% since Q4 2024, and markets including San Francisco, Manhattan, Chicago, and Silicon Valley have recorded approximately 3.0% rent growth over the past 12 months. Investment sales activity surged 40.6% in H1 2025 compared to H1 2024.

About Avison Young

Avison Young is a global commercial real estate advisory firm headquartered in Toronto, with more than 120 offices across North America and Europe. The firm provides full-service offerings—including leasing, capital markets, property management, and real estate advisory—and its multifamily market reports combine macro-level data with regional insight to help investors, owners, and developers monitor rent trends, construction pipelines, and market performance across the U.S.