Q1 2025 U.S. multifamily market overview

Market Overview

Through Q1 2025, the U.S. multifamily sector maintained strong momentum, with over 72,000 units absorbed nationwide. While annual rent growth was modest at 1.7%, ongoing renter demand and a projected slowdown in new construction are expected to elevate both occupancy and rent levels through the rest of the year. Sales volume also climbed nearly 10% year-over-year, with multifamily assets comprising over a third of all real estate investment activity. As construction delivery slows, this tightening in supply could lead to a more competitive leasing environment.

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About Avison

YoungAvison Young is a global commercial real estate firm headquartered in Toronto, operating across more than 120 offices in North America and Europe. The company provides full-service solutions spanning leasing, capital markets, property management, and real estate advisory. Avison Young’s multifamily market research blends macroeconomic data with regional insights, helping institutional investors and owners monitor rent trends, construction pipelines, and property performance across the U.S.