Q1 2025 National Multifamily Report

Market Overview

In the 12 months leading up to Q1 2025, the multifamily market added nearly 708,000 new residents, with occupancy climbing to 95%. Inventory expanded by 2.9%, and effective rents rose modestly by 1.1%, reaching an average of $1,827. Class A, B, and C properties all posted solid performance, with Class C assets maintaining particularly strong occupancy. Employment and household formation also trended upward, providing a strong foundation for continued renter demand.

About Berkadia

Berkadia is a leading real estate financial services firm specializing in capital markets and investment sales for multifamily and commercial real estate. Jointly owned by Berkshire Hathaway and Jefferies Financial Group, Berkadia offers services including mortgage banking, loan servicing, and structured finance. Its quarterly multifamily reports are widely used by institutional investors and operators to track rent growth, absorption, and occupancy metrics across U.S. markets.