MARKET SNAPSHOT

National Q2 2025

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AVERAGE RENT

$1,754 Q2 2025

OCCUPANCY RATE

93.7% Q2 2025

NET ABSORPTION

276,446 H1 2025

ANNUAL RENT CHANGE

0.9% Q2 2025

ANNUAL OCCUPANCY CHANGE

-20 BPS Q2 2025

COMPLETIONS

269,183 H1 2025

KEY TAKEAWAYS

For the first time since 2021, demand outpaced supply in the critical spring leasing season, with 151,000 units absorbed versus 145,000 completions, signaling a potential shift in market fundamentals.

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Roughly 269,000 units were delivered nationally in the first half of 2025, a 25% drop from the same period in 2024. Full-year completions are projected to total 490,000 units, down 30% year over year, or 205,700 fewer units than in 2024.

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Rent growth cooled to 0.9% year over year in Q2 2025, as expanded lease-up inventory pressured pricing power, down from 1.2% in Q1, with average effective rents reaching $1,754.

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MARKET OUTLOOK

The U.S. multifamily market is showing early signs of stabilization following several quarters of disruption from elevated supply levels. National occupancy held steady at 93.7% in Q2 2025, supported by strong leasing activity and a measurable slowdown in new deliveries...

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