Multifamily Rent Growth Back Above 1% for First Time Since 2023

September 2, 2025

Multifamily rent growth has turned a corner.

National average rent increased 1.3% year-over-year and 1.4% quarter-over-quarter as of Q2 2025.

This is the first time multifamily rent has grown >1% year-over-year since Q2 2023.

As new supply growth moderates (due to heightened construction/financing costs) and occupancy improves, we believe the groundwork is being laid for continued multifamily rent recovery. For investors seeking income, stability and potential long-term value, we believe multifamily remains a compelling investment opportunity within commercial real estate.


Multifamily Rent Growth Above 1% for First Time Since 2023

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