Multifamily Rent Growth Update: November 2025

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This analysis explores multifamily rent growth trends across the US using the Zillow Observed Rent Index (ZORI). All figures are seasonally adjusted and updated through November 2025.

National Rent Growth Trends

Multifamily rent growth continued to moderate in November 2025, with national rent gains remaining positive in nominal terms but negative after adjusting for inflation. The latest Zillow Observed Rent Index (ZORI) data point to a rent environment that is materially cooler than the post-pandemic peak and running below long-run historical norms, even as nominal rents continue to edge higher.

On a year-over-year basis, national multifamily rents rose 1.7% in November. While this represents continued nominal growth, inflation-adjusted rents declined by roughly 1.1%, marking another month of real rent contraction. This dynamic underscores how elevated inflation has eroded effective rent growth despite modest nominal gains. Notably, inflation-adjusted annual multifamily rent growth has now been negative for 37 consecutive months.

The share of US metros experiencing monthly rent increases fell to 62.3% in November, down from October and well below the peaks observed during the 2021–2022 rent surge. While a majority of markets are still seeing nominal rents rise month over month, breadth has narrowed meaningfully compared to prior years.

Metro-Level Performance

On an annual basis, rent growth remained strongest in several Midwest and Northeast metros, including Rochester, Chicago, New York, and Providence. In contrast, a number of Sun Belt markets such as Austin, Cape Coral, and Colorado Springs continued to post year-over-year rent declines, reflecting ongoing supply pressures.

Top 5 Markets for Annual Multifamily Rent Growth in November 2025

Syracuse, NY: +5.91%

Rochester, NY: +5.65%

San Francisco, CA: +5.58%

Chicago, IL: +5.56%

Providence, RI: +5.51%

Bottom 5 Markets for Annual Multifamily Rent Growth in November 2025

Cape Coral, FL: −6.75%

Austin, TX : −4.43%

Colorado Springs, CO: −3.93%

North Port, FL: −3.46%

Phoenix, AZ: −1.75%

Month-over-month rent growth across the 100 largest US metro areas was mixed in November. Many Sun Belt and Mountain West markets continued to post modest monthly declines, while several Midwest and Northeast metros recorded incremental increases.

Top 5 Markets for Monthly Multifamily Rent Growth in November 2025

Urban Honolulu, HI: +0.83%

Virginia Beach, VA: +0.68%

Hartford, CT: +0.67%

Providence, RI: +0.61%

Syracuse, NY: +0.57%

Bottom 5 Markets for Monthly Multifamily Rent Growth in November 2025

Knoxville, TN: −1.02%

Cape Coral, FL: −0.96%

Tampa, FL: −0.78%

Colorado Springs, CO: −0.77%

Winston-Salem, NC: −0.70%

The Bottom Line

The November data reinforce the broader narrative of a cooling multifamily rent environment. Nominal rent growth has slowed to a crawl, and real rents remain under pressure. While conditions are far more stable than during the pandemic volatility, the market has yet to reestablish sustained real rent growth.