MARKET SNAPSHOT

National Q1 2025

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AVERAGE RENT

$1,736 Q1 2025

OCCUPANCY RATE

93.4% Q1 2025

QUARTERLY NET ABSORPTION

129,826 Q1 2025

ANNUAL RENT CHANGE

1.1% Q1 2025

ANNUAL OCCUPANCY CHANGE

-10 BPS Q1 2025

QUARTERLY COMPLETIONS

125,356 Q1 2025

KEY TAKEAWAYS

Apartment demand surged in Q1 2025, with nearly 130,000 units absorbed, marking the strongest first quarter since the pandemic-era peak in 2021.

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The apartment supply wave has crested, with 2025 deliveries projected to decline 40% to 401,000 units—the lowest annual total in six years.

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Midwest markets like Kansas City, Chicago, and Detroit led Q1 2025 rent growth, each posting gains over 3% amid limited new development and reduced supply pressure.

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MARKET OUTLOOK

The U.S. multifamily market is entering 2025 with growing signs of stabilization and renewed momentum, following several quarters of volatility driven by elevated supply levels and macroeconomic uncertainty...

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