Multifamily Rent Growth Update: August 2025

This analysis explores Multifamily rent growth trends across the US, utilizing the Zillow Observed Rent Index. Data are seasonally adjusted and updated through August 2025.

Share of US Multifamily Markets with Rising Rents

Seventy percent (70.0%) of multifamily markets in the US saw rents rise between July and August—the high-water mark for the year. Notably, a rebound appears underway after the share of markets experiencing monthly rent growth fell to a recent low of 62.1% in February.

Month-over-Month

Measured nationally, rents grew an average of 0.16% month-over-month. If rents grew at that pace for a full year, annual rent growth would sit at 1.9% — an unspectacular but comfortably positive pace. Across the 100 largest US metros by population, Wichita, KS, leads the way with the fastest monthly rent growth. In August, the Midwestern standout saw rents rise by 0.95%.

Beyond Wichita, we’re not in Kansas anymore — or the continental U.S., for that matter. Urban Honolulu follows, with a monthly multifamily rent growth rate of 0.84%. Rounding out the top five are Fresno, CA (+0.73%), Augusta, GA (+0.72%), and New York, NY (+0.66%).

Year-over-Year

Measured annually, national multifamily rent growth averaged 2.0% over the past year. Again looking across the 100 largest metros, Augusta, GA, lands a hole-in-one. Traditionally regarded for its prowess in the single-family sector, Augusta’s multifamily segment is gaining momentum, with rents up 7.9% from a year earlier. Springfield, MA (+7.1%) and Chicago, IL (+6.2%) follow on the rent-growth podium. Filling out the top five for annual rent growth through August 2025 are a duo of “esters”— Rochester, NY (+6.0%) and Worcester, MA (+5.8%).

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