National Multifamily Market Report – July 2025

Market Overview

‍National rent growth for multifamily housing in July 2025 remained sluggish, with average advertised asking rent rising just to $1,754, a modest 0.7% year-over-year increase. Occupancy held at 94.7% through June, remaining flat over several months as demand continues to absorb new units. On a brighter note, expense growth eased significantly, with operating costs rising only 1.3% for market-rate units and 1.7% for affordable units in the first half of the year, offering relief to operations from previous spikes.

‍About Yardi Matrix

‍Yardi Matrix is a data-driven research and analytics firm specializing in multifamily housing markets, providing detailed insights on rents, occupancy, supply pipelines, and operational trends across hundreds of U.S. metros. Their July 2025 National Multifamily Report supports owners, developers and investors in assessing timing, risk and strategy. To read the full report, click here.