U.S. Multifamily MarketBeat Q4 2025

The U.S. multifamily market absorbed 355,000 net apartment units in 2025, the third-strongest year in 25 years, while 400,000 new units were delivered—a 26% decline from 2024—pushing vacancy to a record high of 9.3% and causing national asking rent growth to slow to just 1.1% year-over-year, the weakest annual gain since the pandemic. The construction pipeline has contracted materially to about 50% below its cycle peak, signaling stabilizing fundamentals and pointing to a gradual recovery in rents and occupancies over the coming years as supply continues to shrink.