By the end of 2025, the multifamily market seemed to stand still. A sluggish finish erased multifamily’s earlier momentum in 2025. Average U.S. advertised rent dipped $5 in December to $1,737, with annual growth falling to zero percent, according to the latest Yardi Matrix report.
"Years without growth are rare," the report states. "The last one with no average national advertised rent recorded was the 2020 pandemic year. Before that, the last one without a national rent increase was the recovery from the global financial crisis in 2010. We expect modest increases in 2026."
National Average Rents
Multifamily Rent Prices End 2025 Where They Started
Throughout the past year, rent growth was shown to be strongest in gateway and Midwest markets. New York leads year-over-year rent growth at 5.8% YOY, followed by Chicago (3.6%), the Twin Cities (3.2%), Kansas City (2.6%), and San Francisco (1.9%).
On the flip side, many Sun Belt and Western areas saw advertised rent growth in the negatives. This includes Austin (–5.2%), Phoenix (–4.1%), Denver (–3.9%), Las Vegas (–2.5%), and Portland, Ore. (–2.0%).
To read the full Yardi Matrix report, visit the site here.
About the Author
Quinn Purcell
Quinn Purcell is the Managing Editor for Building Design+Construction. He is a graduate of Idaho State University with a Bachelor of Arts in Communication, and an emphasis in Multiplatform Journalism. He specializes in video, photography, copywriting, feature writing, and graphic design.