Story perspectives
Rising Vacancies and Falling Rents Hit Multifamily Market
12/2/2025
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Story summary
- The national multifamily market shows rising vacancies and declining rents due to new supply.
- The national median rent fell 1% in November to $1,367.
- Rents are down 1.1% from November 2024 and 5.2% from 2022.
- The 7.2% vacancy rate remained unchanged in November.
- Young adults, now 32.5%, live with family, reflecting high rents and a weak job market.
