Q3 2025 National Multifamily Report

Market Overview

‍Through 2025, Berkadia’s multifamily research highlights a sector gradually moving toward equilibrium as demand improves and vacancy rates level off. New deliveries are beginning to taper, easing supply pressures that weighed on rent performance in prior quarters. Early signs of rent stabilization are emerging across several major metros, and investor sentiment is cautiously strengthening as expectations build for a more active capital-markets environment later in the year. While uncertainty remains around interest rates, the fundamentals point toward a slow but steady recovery.

‍About Berkadia

‍Berkadia is a nationally recognized commercial real estate leader specializing in multifamily advisory, mortgage banking, investment sales, and research. Its market reports combine detailed economic analysis with metro-level data to help owners, developers, and investors monitor rent trends, construction pipelines, occupancy performance, and emerging opportunities across the U.S. To read the full report, click here.