Multifamily Rent Growth Update: September 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 September 2025.

Share of US Multifamily Markets with Rising Rents

69.4% of multifamily markets nationwide saw rents rise between August and September—down a de minimis 44 basis points from the prior month (69.8%).

Earlier this year, the share of markets with rising prices reached a lull. In March 2025, only 61.4% of multifamily markets posted positive gains. For context, in 2024, the share never dropped below 68.5% and the monthly average was 72.7%. Momentum has returned lately, with the share of markets posting rent gains holding above 69% in three of the past four months.

Month-over-Month

Nationally, rents grew an average of 0.14% month-over-month. If sustained for a full year, that would translate to annual rent growth of about 1.7% — modest, but still positive. However, rent growth continues to come in below CPI inflation, which is currently holding near 3% — meaning that inflation-adjusted rents are falling slightly.  

Across the 100 largest US metros by population, Akron, OH, leads the way with the fastest monthly rent growth. In September, the Ohio standout saw rents rise by 1.13%. Beyond Akron, Syracuse, NY is nipping at its heels with rents growing by 1.09% in September. Rounding out the top five are Lakeland, FL (+0.75%), Madison, WI (+0.67%), and San Francisco, CA (+0.64%).

At the other end of the spectrum are several Sun Belt metros now sitting in the shade. Rents fell the most quickly in Knoxville, TN (-0.60%) in September, followed by Cape Coral, FL (-0.58%), and North Port, FL (-0.58%).

Year-over-Year

Measured annually, national multifamily rent growth held at 2.0% for the third consecutive month. Over the past two years, annual growth has remained in a narrow range between 1.8% and 2.5% — stability that would make central bankers envious.

Across the 100 largest metros, Syracuse, NY, grabs the top spot with rents rising 6.9% compared to the same time last year. Chicago, IL (+6.2%), and Akron, OH (+6.2%), follow closely behind, with Rochester, NY (+6.1%), and San Francisco, CA (+6.0%), closing out the top five.  

Cape Coral, FL, again finds itself on the negative side of the ledger, with multifamily rents falling 4.8% year-over-year through September. Austin, TX, and North Port, FL, follow next, with moderate rental declines of 4.0% and 3.5%, respectively.