Read the latest Yardi Matrix National Multifamily Market Report.
Cyclical variance dampens multifamily performance, according to Yardi Matrix data, while legislators aim to boost housing stock.
Report Highlights
- The average U.S. advertised asking rents declined $1 to $1,755 in August, though still up 0.7% year-over-year.
- Rates contracted 0.1% nationally on a monthly basis, with most of the top 30 markets experiencing a slowdown.
- Legislators aim to foster supply growth by introducing more than 400 pro-housing bills.
- SFR-BTR average advertised rents reached a new record in August, landing at $2,208, up 0.6% year-over-year.
Rents moderate amid summer slowdown
The U.S. multifamily average advertised asking rate experienced seasonal variance, dropping by $1 to $1,755 in August, up 0.7% year-over-year. The growth rate cooled 10 basis points annually as well. Markets across the Midwest and Northeast overperformed, with Chicago (4.0%) being the frontrunner, followed by Columbus (3.3%), Twin Cities (3.2%) and New York (3.0%). Several supply-heavy Sun Belt and Mountain West metros recorded downward rent adjustments, such as Austin (-4.5%), Denver (-3.8%), Phoenix (-2.8%) and Dallas (-1.8%).
On a monthly basis, advertised rents slid 0.1% in August. The summer lull was felt across a majority of the Matrix top 30 markets, as just 8 metros posted gains for the month. Markets with limited inventory posted mixed results, with Philadelphia’s rate trending 0.7% higher while Detroit (-0.6%), San Francisco and New York (-0.4% each) turned negative. As supply growth eased and demand retained momentum, select Sun Belt metros turned the tide, such as Atlanta and Charlotte (0.3% each), as well as Raleigh (0.1%).
The national occupancy rate remained stable at 94.7% in July, unchanged year-over-year. Sturdy absorption throughout the Sun Belt resulted in positive adjustments across Atlanta (0.6%), Charlotte (0.5%), Raleigh, Orlando, Miami and Phoenix (0.1% each). Just Nashville (-0.2%), Austin and Las Vegas (-0.1% each) registered a decrease in occupancy. Considering that many of these markets expanded their stock by more than 5% over the past year, such robust results underscore a resilient demand.
Supply growth draws legislative attention
Housing inventory expansion was also on the minds of many legislators. More than 400 pro-housing bills were introduced, with 70 signed into law and 30 awaiting a governor’s signature, according to the National Council of State Housing Agencies. California passed an act to streamline environmental reviews and expediate permitting procedures, as well as bolster financing capabilities. Texas officials are likewise considering zoning adjustments by easing lot sizes, reducing construction restrictions and allowing residential development in commercial zones. Michigan and Oregon passed bills aiming to increase subsidies and incentives for attainable housing.
The national advertised rates for single-family build-to-rent homes climbed 0.6% year-over-year, reaching a new record of $2,208 in August. Institutional landlords faced increasing competition from former homeowners who opted to rent rather than sell amid high mortgage rates and sluggish demand. Many Sun Belt markets experienced this phenomenon, yet rent growth held steady with metros such as Charlotte (1.4%), Houston (0.9%) and Miami (0.7%) posting positive results. Occupancy rates remained steady across the sector at 95.0% in July, down 20 basis points year-over-year.
Read the full Yardi Matrix Multifamily National Market Report: August 2025.
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