MARKET SNAPSHOT

National Q3 2025

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AVERAGE RENT

$1,745 Q3 2025

OCCUPANCY RATE

93.5% Q3 2025

NET ABSORPTION

404,236 YTD Q3 2025

ANNUAL RENT CHANGE

0.6% Q3 2025

ANNUAL OCCUPANCY CHANGE

-40 BPS Q3 2025

UNIT COMPLETIONS

415,017 YTD Q3 2025

KEY TAKEAWAYS

A slowing labor market and weakening consumer confidence weighed on renter activity in Q3, resulting in softer-than-expected absorption of 130,000 units—down from 154,000 the previous quarter.

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While demand has moderated from early-year highs, net absorption for the quarter remains healthy by historical standards, reflecting normalization rather than a fundamental downturn.

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Class A properties are best positioned for recovery as lease-up activity advances and concessions taper amid steady demand for high-quality assets. Their more affluent renter base also remains relatively insulated from broader economic headwinds.

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MARKET OUTLOOK

Broader economic indicators point to a cooler operating environment. Job growth has slowed meaningfully following downward revisions from the Bureau of Labor Statistics earlier this year, and consumer confidence has retreated to its lowest level since early 2025...

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