Multifamily rent growth remains flat in 'summer slowdown'
Multifamily rents changed very little in August, according to the recent National Multifamily Report by Yardi Matrix. This is due to "seasonality and rising uncertaintly about consumers' financial health," the report states.
The average advertised rent dropped just $1 to $1,755 last month. Year-over-year (YoY) growth also fell 10 basis points to 0.7 percent.
Growth for multifamily rent is not expected to gain traction throughout the rest of the year. Very few markets have reported more than a 3% YoY growth.
National Average Rents
Regional Multifamily Trends | August 2025
Regionally, rent growth was strongest in the Northeast and the Midwest. Leading metros include:
- Chicago (+4%)
- Columbus (+3.3%)
- Twin Cities, (+3.2%)
- New York (+3%)
By contrast, several Sun Belt markets recorded negative rent growth in August:
- Austin (–4.5%)
- Denver (–3.8%)
- Phoenix (–2.8%)
The national occupancy rate remains unchanged at 94.7% in July.
About the Author
Quinn Purcell
Quinn Purcell is the Managing Editor for Building Design+Construction. Covering the building industry for over four years, he has contributed to several award-winning industry reports, physical/digital magazines, and online news coverage. Quinn delivers content ranging from multifamily housing, technology, sustainability, and more.
For BD+C, Quinn runs the brand's 40 Under 40 program, covers product updates monthly, manages a blog partnership with over 50 AEC firms, and writes daily analytic-driven content for the website.