U.S. multifamily advertised rents fell $6 to an average of $1,750 in September in the worst one-month drop since November 2022 and the worst September decline since 2009, Yardi Matrix reported. The September results follow flat rent growth in August and “tepid” gains in July.
September also represented a 30-basis-point decline in annual growth to 0.6%. The firm reported that the poor performance comes as demand shows signs of weakening, while high-supply markets have a glut of properties in lease-up.
“Rents remain close to all-time highs, so while it is too soon to say September is the start of a trend, the drop could signal emerging market softness,” according to the September 2025 National Multifamily Report.
Coastal and Midwest metros recorded the highest rent growth, led by New York (4.8% year-over-year), Chicago (3.9%), the Twin Cities (3.4%), San Francisco (3.3%) and Philadelphia (2.9%). Conversely, rent growth remains negative in many high-supply metros, led by Denver (-4.3%), Austin (-4.0%), Phoenix (-3.3%), Las Vegas (-2.0%) and Dallas (-1.9%).
