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Rising Vacancies and Falling Rents Hit Multifamily Market

12/2/2025

23 2 Full Breakdown

Summary

Story summary

The multifamily housing market shows rising vacancies and falling rents from increased supply and weaker demand, especially among younger workers.
The national median rent fell 1% in November, the fourth straight monthly decline.
The national vacancy rate stood at 7.2% in November.
Many young adults, now 32.5%, live with family amid high rents and a weak job market.
CoStar notes the most significant monthly rent drops in 15 years.

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Story summary

The multifamily housing market shows rising vacancies and falling rents from increased supply and weaker demand, especially among younger workers.
The national median rent fell 1% in November, the fourth straight monthly decline.
The national vacancy rate stood at 7.2% in November.
Many young adults, now 32.5%, live with family amid high rents and a weak job market.
CoStar notes the most significant monthly rent drops in 15 years.