National Multifamily Market Report – January 2025

Market Overview

The national multifamily market began 2025 on a positive note, with asking rents rising by $3 to reach $1,746 in January. This marked the end of a six-month rent decline streak. Strong job growth and high barriers to homeownership helped sustain renter demand, even as occupancy dipped slightly to 94.5%—its lowest level in over a decade. Northeast and Midwest metros outperformed, while many high-growth Sun Belt markets continued to struggle with oversupply and softening fundamentals.

About Yardi Matrix

Yardi Matrix is the research and data division of Yardi Systems, a global leader in real estate technology and asset management software. Yardi Matrix tracks more than 80,000 multifamily properties across the U.S., offering granular insights into rent trends, occupancy rates, and development activity. Its national multifamily reports are frequently cited by institutional investors, lenders, and REITs seeking reliable market intelligence and performance benchmarks across asset classes and regions.