Multifamily rents maintained a tepid growth rate in June, with strong demand counterbalanced by high deliveries in the Sun Belt and ongoing uncertainty about the economy, according to Yardi Matrix in its June report.
Multifamily performance remained solid through mid-year 2025, with rents rising by $20, or 1.2%, over the first two quarters.
Highlights of the report:
- Multifamily rents rose in June, but growth remains tepid as the market balances between robust demand and supply while economic uncertainty is high. The average U.S. advertised rent increased by $3 to $1,749 during the month, while year-over-year growth was 0.9%.
- Advertised rents rose 0.7% during the second quarter and 1.2% during the first half of 2025, both well shy of pre-pandemic growth rates. In the seven years between 2013 and 2019, advertised rents grew on average by 1.8% during the second quarter and 2.4% during the first half of the year.
- National single-family build-to-rent advertised rates rose by $4 to $2,201 in June, representing a 0.7% annual increase and 0.8% growth in the first half of the year. As with multifamily, rent growth is positive but subdued compared to recent years.
Yardi Matrix says more than 250,000 apartment units were absorbed through May, per Matrix, putting the market on track for another year of robust demand. Austin led with 22,000 units absorbed, followed by Sun Belt markets including Charlotte, Nashville, Raleigh-Durham and Orlando.
While there is some positive news, there are also areas of concern
“The economy and job market remain strong, but growth has slowed, and the impact of tariff and immigration policies in the second half remains uncertain.
“Unemployment is low, but job switching has declined, reducing labor-market dynamism. Policy uncertainty continues to challenge business planning, with the new tariff implementation date pushed again to August,” the report says.
Read the full Yardi Matrix report here.
About Yardi Matrix
Yardi Matrix researches and reports on multifamily, office and self-storage properties across the United States, serving the needs of a variety of industry professionals. Yardi Matrix Multifamily provides accurate data on 18+ million units, covering more than 90 percent of the U.S. population. Contact the company at (480) 663-1149.
