MARKET SNAPSHOT

Birmingham q2 2025

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AVERAGE RENT

$1,251 Q2 2025

OCCUPANCY RATE

88.5% Q2 2025

NET ABSORPTION

175 H1 2025

ANNUAL RENT CHANGE

0.4% Q2 2025

ANNUAL OCCUPANCY CHANGE

-60 BPS Q2 2025

COMPLETIONS

853 H1 2025

KEY TAKEAWAYS
Renter demand remained muted in Q2 2025, with absorption falling short of completions for the sixth consecutive quarter, continuing to weigh on occupancy.
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Rent growth has slowed to just 0.4% annually, but market stability and affordability—especially compared to more volatile Sun Belt metros—have helped maintain a positive trend.
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Occupancy declined to 88.5%, the lowest since 2016, as elevated supply continues to outpace demand. However, Class A assets and select suburban submarkets such as Outlying Jefferson County are outperforming.
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MARKET OUTLOOK

Despite ongoing supply pressures, Birmingham’s multifamily market is positioned for long-term improvement, supported by slowing construction, steady absorption, and a diversified economy...

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