Multifamily rents hit weak season in November 2025

In November, advertised rents for multifamily and SFR-BTR properties fell again, remaining far below their summer peaks, with 90% of Matrix’s top 30 metros showing negative growth over the past three months. 

According to the latest Yardi Matrix National Multifamily Report, the average rent fell $8 to $1,740 last month, while year-over-year (YoY) growth dropped 30 basis points to 0.2 percent.

November Rent Trends Across U.S. Multifamily and SFR-BTR Markets

Since peaking in the summer, advertised rents have declined $17. This is the fourth straight month with negative growth.

"The recent drop is less than ideal, but more worrisome is how widespread the decline is," the report states. "Advertised rents have been negative for a year or more in metros such as Austin, Denver, Phoenix, and Dallas ... But this month metros such as Columbus, Indianapolis, New Jersey, San Jose, and San Francisco, saw advertised rents turn from positive to negative. Not only are these metros among the top-performing markets in rent growth over the last couple of years but most sport occupancy rates at or above the national average, so the poor performance cannot be attributed to weak overall conditions."

National Average Rents

The national occupancy rate remained steady and unchanged from last year at 94.7% in October. Even amid significant declines in rent growth, occupancy has stayed resilient.

U.S. rents declined 0.5% month-over-month in November, with just one of the Matrix top 30 markets showing an increase.

Looking ahead, the continued slowdown in advertised rent growth suggests that multifamily and SFR-BTR markets may face ongoing pressure in the coming months. While occupancy remains strong, the broad-based declines across top metros indicate that landlords and investors will need to carefully monitor market conditions and adjust expectations accordingly.