National Multifamily Market Report | Yardi Matrix | Q4 2025

Market Overview

U.S. multifamily asking rents closed December 2025 at $1,737, erasing all yearly gains and registering zero percent growth, the weakest annual showing since 2010. The fourth quarter overall was the softest rental performance since the global financial crisis, as Sun Belt markets still absorbing heavy supply pipelines led declines: Austin fell 5.2%, Phoenix 4.1%. Midwest and gateway markets bucked the trend, with New York City up 5.8%, Chicago 3.6%, and San Francisco 1.9%. National occupancy held steady at 94.6%. Investment capital told a different story: transaction volume reached $83.2 billion, up from $82.4 billion in 2024, with gateway metros drawing the fiercest competition and cap rates in San Francisco and Manhattan compressing to the low 4% range.

About Yardi Matrix

Yardi Matrix is a commercial real estate data and research platform serving multifamily investors, developers, and property managers across the U.S. Their National Multifamily Market Report for December 2025 tracks asking rents, occupancy, transaction volume, and cap rates across the top 30 U.S. markets to help owners and investors assess market conditions and track performance trends. To read the full report, click here.