National Multifamily Market Report - October 2025

The October 2025 National Multifamily Market Report by Yardi Matrix documents declining advertised rents across the U.S. multifamily sector, with average asking rent falling $4 to $1,743 and year-over-year growth remaining flat at 0.5%, while multifamily absorption slowed to 110,000 units in Q3 compared to a 185,000-unit average in the first two quarters. Gateway and Midwestern markets showed strength with New York leading at 4.7% year-over-year rent growth, while Sun Belt and Western metros experienced declines, with Austin dropping 4.8%, and occupancy remained stable at 94.7% in September.