Multifamily Rent Growth Update: October 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 October 2025.

Share of US Multifamily Markets with Rising Rents

65.8% of multifamily markets nationwide saw rents rise between September and October — down 2.3 percentage points from the prior month (68.1%). While the share of markets with rising rents is now at its lowest point since July, the month‑over‑month change remains within the range of statistical normality. Year to date, the monthly average share of markets with rising rents has been 66.9%, with monthly lows and highs of 63.4% and 71.2%, respectively.

Between 2015 and 2019 — a period used as the pre‑pandemic benchmark — an average of 74.8% of markets had rising rents in any given month. With roughly two‑thirds of US metros still seeing rents rise month over month today, the breadth of rent gains remains healthy, albeit subdued compared to pre‑pandemic norms.

Month-over-Month

Nationally, rents grew an average of 0.11% month over month. If sustained for a full year, that would translate to annual rent growth of about 1.4% — modest, but still positive. However, rent growth continues to come in below CPI inflation, which is currently holding near 3%, meaning inflation‑adjusted rents are falling. Moreover, from 2015 to 2019, the monthly average growth rate for multifamily rents sat at 0.31% (+3.8% annualized) — nearly tripling the current growth rate.

Across the 100 largest US metros by population, Toledo, OH, leads the way with the fastest monthly rent growth. In October, the Ohio standout saw rents rise by 0.96%. Beyond Toledo, Wichita, KS, followed close behind with rents growing by 0.92% last month. Rounding out the top five are Jackson, MS (+0.82%), Fayetteville, AR (+0.76%), and Bridgeport, CT (+0.69%).

At the other end of the spectrum are several metros on Florida’s Gulf Coast. Claiming the bottom spot is Cape Coral, where average multifamily rents fell by a full percentage point last month (-1.02%). Also near the bottom are Birmingham, AL (-0.73%), Colorado Springs, CO (-0.61%), North Port, FL (-0.60%), and Tampa, FL (-0.51%).

Year-over-Year

Measured annually, national multifamily rent growth sagged to 1.6% in October 2025 — its lowest mark since April 2024.

Across the 100 largest metros, San Francisco, CA, grabs the top spot with rents rising 6.0% compared to the same time last year. Chicago, IL (+5.9%) and Wichita, KS (+5.7%) follow closely behind, with Rochester, NY (+5.7%), and New York, NY (+5.5%), rounding out the top five.

Cape Coral, FL, again finds itself on the negative side of the ledger, with multifamily rents falling 6.0% year over year through October. Austin, TX, and North Port, FL, follow next, with rental declines of 4.2% and 4.1%, respectively.