Asking Rents Mostly Unchanged Year-over-year

by Calculated Risk on 8/06/2025 10:20:00 AM

Today, in the Real Estate Newsletter: Asking Rents Mostly Unchanged Year-over-year

Brief excerpt:

Another monthly update on rents.

Tracking rents is important for understanding the dynamics of the housing market. Slower household formation and increased supply (more multi-family completions) has kept asking rents under pressure.

More recently, immigration policy has become a negative for rentals.

Apartment List: Asking Rent Growth -0.8% Year-over-year …

The national multifamily vacancy rate ticked up to 7.1% this month, setting a new record for our index. We’re past the peak of a multifamily construction surge, but the market is still absorbing all of the new units, and vacancies are still trending up.

Realtor.com: 23rd Consecutive Month with Year-over-year Decline in Rents

June 2025 marks the 23rd straight month of year-over-year rent decline for 0-2 bedroom properties observed since trend data began in 2020. Asking rents dipped by $36, or -2.1%, year over year.