Bisnow | Apartments Are A Hot Commodity, But Rent Growth Doesn’t Show It

🏘️ Multifamily Market Update: A Mixed Bag for Landlords 📉📈

Here’s a quick snapshot of where things stand in the multifamily housing market:

• Demand is strong: Over 100K units absorbed each quarter in 2025—on pace for the best year since 2000.
• Vacancy still high: National average hovers around 9%, though some markets like the Bay Area are seeing rent growth 📊 (+7.8%).
• Construction slowdown: New starts are down 50% from peak; deliveries dropped 27% YoY in Q3.
• Rent trends: Asking rents rose 1.5% YoY in Q3, but effective rents dipped 0.8% in September.
• Homebuying comeback? 🏡 Lower mortgage rates (6.19%) are luring renters into ownership, especially first-time buyers (30% of Sept. sales).

📌 Landlords are focusing on occupancy and retention over aggressive rent hikes as supply pressures ease.

💬 What trends are you seeing in your market? Let’s discuss—drop your thoughts below! 👇

Source: Apartments Are A Hot Commodity, But Rent Growth Doesn’t Show It