New Yardi Matrix research reveals that faltering demand, high supply and declining economic growth combined in September 2025 to produce the biggest one-month drop in the average U.S. multifamily rent in almost three years.

LOCAL NEWS: 50 Most Powerful People in Arizona Business for 2025

The average advertised rent fell $6 to $1,750, the largest decrease since November 2022. While rents remain close to their all-time highs, “the drop could signal emerging market softness,” according to a new Yardi Matrix national report .

A key contributor to the slump is the presence of more than half a million units in the lease-up phase, which intensifies competition among properties. Several high-supply metros including Denver, Phoenix, Las Vegas, Dallas and Austin, Texas, recorded negative y

See Full Page