U.S. Multifamily MarketBeat Q3 2025

In the third quarter of 2025, U.S. apartment net absorption reached 102,600 units—on track for the third strongest year since 2000—while asking rent growth slowed to 1.5% year-over-year as owners prioritized occupancy over rent increases amid economic uncertainty. The construction pipeline contracted significantly, with quarterly deliveries falling 27% year-over-year to 109,000 units, and units under construction declining to 454,371—the lowest level in a decade—signaling a meaningful slowdown in new supply with quarterly deliveries expected to remain under 100,000 going forward.