Multifamily Rent Trends:
Where Are Prices Headed in 2025?
by Dennis Lee, CEO at Market Stadium
Multifamily rent growth is anything but predictable. Over the past year, some markets have maintained steady increases, while others are seeing sharper declines.
Our latest analysis highlights rental trends in the top 10 markets from Dec 2023 to Jan 2025 and their recent shifts in growth.
🧩 Key Takeaways:
📉 Diverging Trends
No MSA exhibits a perfectly consistent upward or downward trend. However, some markets continue their rent growth trajectory (e.g., San Jose, San Diego, Miami, Riverside), while others are experiencing a more pronounced decline (e.g., New York, Boston, Washington DC).
🔄 Recent Reversals
Even in growth markets, recent months show slight declines, likely driven by seasonal fluctuations or macroeconomic factors affecting rental demand.
⚠️ Accelerating Declines
Some high-density urban markets (e.g., New York, Boston, Washington DC) are seeing sharper rent drops. Washington DC had an upward trend but began declining after August 2024. New York and Boston are also experiencing steeper declines than other markets, possibly indicating affordability concerns or a shift in demand toward more cost-effective regions.
Understanding these rent fluctuations isn't just about tracking price changes—it's about spotting investment opportunities and market risks ahead of time.
📊 Are these shifting rental dynamics influencing your investment strategy? Whether you’re considering multifamily acquisitions, rent-stabilized properties, or build-to-rent developments, staying ahead of these trends is key.
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Dennis Lee
CEO at Market Stadium
Prev. Lionstone Investments Research Team
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