Regional Trends

This year’s below-average spring leasing season wraps up with national rent growth at 0.8 percent, while high-flying San Francisco reaches near double-digit growth, and beleaguered Austin finally climbs out of last place.

Heading into the summer leasing season, annual rent growth remains weaker than usual. Nationally, the multifamily market saw rents grow by only 0.7 percent annually, marking a plateau during a season typically known for acceleration.

Annual multifamily rent growth has plateaued to 0.5 percent in April, reflecting weaker-than-typical leasing momentum this spring.

Annual rent growth slipped to 0.4 percent in March, underperforming the seasonal average and continuing a deceleration trend that began last year.

Multifamily rents began the year with a modest but upward trend, growing by 0.6 percent, and reflecting the gradual easing of oversupply conditions.

Asking rents saw a slight uptick in December, helping the multifamily market end the year with rent growth of 0.7 percent at the national level.

The rent growth deceleration trend that has characterized 2025 continued into November, with 0.7 percent growth at the national level.

Annual rent growth, which has remained modest since late 2023, slipped to 0.8 percent in October, according to the latest CoStar report.

Asking rents slipped in September, according to the latest rent growth report from CoStar. Annual rent growth decelerated slightly to 0.9 percent, while regional and market-level rent growth leaders retained their edge.

Rent growth nationwide averaged 1 percent in August, according to the latest CoStar report. At the metro level, rent growth ranged from 6.2 percent to negative 4.7 percent.

Rent growth remains weak at the national and regional level, according to the latest CoStar data from July 2025. Midwest markets are outperforming the nation, as markets in the South and West fall behind.

Even as the supply and demand gap continues to shrink, rent growth and vacancy have held steady, according to the latest CoStar data for the second quarter.