San Jose entered the fourth quarter of 2025 with multifamily fundamentals holding up relatively well considering the wider economic climate. Average advertised asking rents slid 0.1%, on a trailing three-month basis through October, to $3,310—10 basis points ahead of the nation—following a six-month period of slowing gains. Year-over-year, however, San Jose asking rents were up 3.7% through October, ahead of both the nation (0.5%) and all other major California markets, including San Francisco (3.4%), Los Angeles (0.3%), Sacramento (-0.1%) and San Diego (-0.5%), according to the U.S. multifamily market report.

Further, occupancy in stabilized assets climbed 40 basis points, to 96.7%, once again outpacing the 94.7% U.S. figure. Silicon Valley employment slid 0.2% through August 2025, down to 100 basis points behind the U.S. and continuing an eight-month streak of contractions. In the 12 months ending in August, the metro lost a net 2,000 jobs, with education and health services standing out as a strong performer (up 8,600 positions), while professional and business services lost the most jobs (-8,100). Several ongoing projects promise to boost the health-care sector, including a new, $422 million inpatient psychiatric facility.

Completions slowed down across metro San Jose, with developers adding 3,769 units in 2025 through October. Meanwhile, investment activity picked up, with $1.5 billion trading—already exceeding every other year since at least 2015.

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Sacramento’s average advertised asking rent was down 0.2%, on a trailing three-month basis through October, to $1,959, mirroring national trends, according to the latest Yardi Matrix Sacramento multifamily market report. Meanwhile, even as supply accelerated beyond the market’s regular pace, occupancy in stabilized assets remained flat year-over-year, at 95.3%, and above the 94.7% U.S. rate. Sacramento employment gains continued to soften, at 0.6% through August, and 20 basis points below the U.S. average, as report in the national multifamily market report.

Education and health services led growth, adding 10,600 net positions, but the metro lost a combined 12,900 jobs across seven other sectors. The area’s unemployment rate stood at 5.4% as of August, 110 basis points above the national figure, according to preliminary data from the Bureau of Labor Statistics. Sacramento’s economy could get a boost from the development of the mixed-use Cordova City Center. The $1 billion project is set to break ground next year, with completion slated for 2027.

Developers delivered 4,662 units through October, representing 3.2% of stock. That marked the strongest development pace for Sacramento in at least a decade. Meanwhile, investment accelerated: A total of $583 million in assets traded in 2025 through October, already some $120 million more than 2024’s entire volume

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Philadelphia’s average advertised asking rent inched up 0.1% on a trailing three-month basis through October, to $1,840, while the U.S. average ticked down 0.2%, to $1,743, according to the latest Yardi Matrix Philadelphia multifamily market report. Year-over-year, Philadelphia rents were up 2.2%. The uptick secured Philadelphia as the best-performing metro in the Mid-Atlantic region and placed it in sixth position among the top 30 major markets tracked by Yardi Matrix. Following two years of outstanding supply growth, Philadelphia’s average occupancy clocked in at 95.6% in September, above the 94.7% national rate, as reported in the U.S. multifamily report.

Employment growth picked up, at 1.4% year-over-year through August, 60 basis points above the U.S. figure. Over the 12-month period ending in August, Philadelphia added 61,600 net jobs. Education and health services led gains, with 38,800 positions added. The area’s unemployment rate stood at 5.1%, 80 basis points above the U.S. average, according to preliminary data from the Bureau of Labor Statistics. An upcoming 1.4 million square-foot warehouse in the Bellwether District could potentially add new jobs to the market, as the project has now received zoning approval.

Developers completed 6,065 units, or 1.6% of existing stock, across the metro in the first 10 months of this year, 100 basis points below the U.S. figure. Investors slowed down, as Philadelphia registered $760 million in multifamily transactions, down 17.4% year-over-year.

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Orlando’s fundamentals remained resilient at the start of the fourth quarter, according to the latest Yardi Matrix Orlando multifamily market report. The metro’s average advertised asking rents ticked down 40 basis points on a trailing three-month basis through October, to $1,763, lagging the U.S. figure by 20 basis points. Orlando’s occupancy rate settled at 94.5% as of September, up 30 basis points year-over-year, despite 30,000 units being added in the past two years. The figure was below the 94.7% national average, as per the U.S. multifamily outlook.

Orlando’s employment growth was at 1.7% year-over-year through August, more than double the 0.8% U.S. figure. Over the 12-month period through August, the metro added 19,000 net jobs. The leisure and hospitality sector remained one of the metro’s top performers, with 5,800 positions gained. The Orange County Convention Center’s $560 million Grand Concourse expansion moved forward in September. Site work was approved and construction is expected to begin in 2026. The project will include a 100,000-square-foot ballroom and 440,000 square feet of meeting space.

More than 11,800 units, or 4.0% of existing inventory, came online year-to-date through October. Developers had close to 20,000 units under construction, with an additional 135,000 units in the planning and permitting stages. Investment regained momentum, with $1.9 billion in assets trading, already exceeding 2024’s total.

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Las Vegas fundamentals softened at the start of the fourth quarter in 2025, with advertised asking rents down 0.4%, on a trailing three-month basis through October, to $1,456, while the U.S. average slid 0.2%, to $1,743, according to the latest Las Vegas multifamily market report. Year-over-year, rents fell 1.7%, marking the fourth largest decline among Yardi Matrix’s top 30 metros. Vegas’ occupancy rate for stabilized properties inched up to 93.8% in September, which highlighted the strong demand, as last year was the decade peak for deliveries.

Employment growth held at 0.3% year-over-year through August, lagging the 0.8% U.S. rate, as reported in the national multifamily market report. Unemployment stood at 5.6% in August, trailing both Nevada (5.3%) and the U.S. (4.3%), according to preliminary data from the Bureau of Labor Statistics. The metro lost 100 net jobs over the 12-month period ending in August. Gains were led by professional and business services, leisure and hospitality (each 2,700 jobs) and education and health services (900). Four sectors lost a combined 7,400 positions. Notable projects included the opening of Vegas Loop Westgate station, the completion of the Las Vegas Convention Center renovation and the Oakland A’s 33,000-seat ballpark, which broke ground in June.

Developers added 3,269 units through October and had 6,984 units underway, with construction starts declining abruptly. Transactions totaled $1.1 billion in 2025 through October, while the average price per unit rose 15.9% year-to-date, to $243,626.

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Multifamily momentum stayed on course in Kansas City through fall, with the average advertised asking rent up 0.1%, on a trailing three-month basis through October, to $1,343, according to the latest Kansas City multifamily market report. The figure outperformed the U.S. rate, which slid 0.2% to $1,743. Year-over-year, the metro’s rents rose 2.4%, ranking fifth among Yardi Matrix’s top 30 markets. Occupancy in stabilized assets inched up 10 basis points, to 94.8% as of September, a sign of healthy absorption amid strong supply.

Employment growth remained tepid, at 0.1% through August, while the U.S. rate stood at 0.8%, as per the latest U.S. multifamily market report. Kansas City lost 1,000 net jobs over 12 months. Several sectors recorded steady gains through August, including education and health services (5,100 jobs), mining, logging and construction (3,700) and financial activities (2,600). Professional and business services (-9,500) and trade, transportation and utilities (-4,400) posted the steepest declines. Unemployment was 4.3% in August, equal to the U.S. rate and trailing both Kansas (3.8%) and Missouri (4.1%). Several projects were completed in 2025, including the KC Streetcar Main Street Extension project, Meta’s $1 billion Northland data center and Panasonic’s battery plant in De Soto.

Developers delivered 2,870 units in 2025 through October and had another 9,255 underway. Amid softening deliveries, new construction inched up. Investment reached $747 million through October, with the average price per unit down 12.6% year-to-date.

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The Inland Empire’s fundamentals showed resilience going into the fourth quarter., according to the latest Inland Empire multifamily market report. Amid record supply, average advertised asking rents were unchanged on a trailing three-month basis through October, at $2,165, while the U.S. average slid 0.2% to $1,743. Year-over-year, rents improved 1.7% vs. 0.5% nationally, as per the U.S. multifamily market report. The area’s occupancy rate in stabilized assets inched up 20 basis points year-over-year, to 95.4% in September, even as deliveries shot up.

Employment growth stood at 0.7% through August, just below the 0.8% U.S. rate. Yet, unemployment rose to 6.1% in August, above the state (5.5%) and national (4.3%) rates. The Inland Empire added 14,600 net jobs over 12 months, led by education and health services (14,300), government (10,400) and leisure and hospitality (1,900), while the steepest losses were in construction (-6,600) and manufacturing (-2,800). Project advancements include the West Valley Connector, targeting a 2026 opening, SBCTA’s hydrogen-powered ZEMU, now in service on the Arrow corridor, and Brightline West, advancing field work at Rancho Cucamonga toward a projected 2028 or 2029 launch.

Developers delivered 6,030 units through October, 3.6% of inventory and nearly triple the metro’s 10-year pace. The construction pipeline had 7,235 units underway, with starts accelerating in 2025. Investment totaled $756 million through October, while the average price per unit climbed significantly.

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Houston fundamentals were a mixed bag going into the fall of 2025, amid fast population growth and following a wave of deliveries in 2024, according to the latest Houston multifamily market report. The average advertised asking rent fell 0.2%, on a trailing three-month basis through October, to $1,361. Year-over-year, the average Houston rent slid 0.5%, as the U.S. figure rose 0.5%, to $1,743, as reported in the national multifamily report. Meanwhile, occupancy in stabilized Houston assets stood at 92.6% in September, down just 10 basis points over 12 months.

Employment marked a 1.1% gain through August, leading the 0.8% U.S. rate. Houston added 27,500 net jobs over 12 months. Three sectors accounted for roughly 60% of new jobs, led by education and health services (13,200 jobs), leisure and hospitality (7,200) and trade, transportation and utilities (6,800). Meanwhile, information and professional and business services lost 13,800 jobs combined. The metro’s unemployment rate stood at 5.0% in August, trailing the state (4.1%) and the U.S. (4.3%). Notable developments across the market include Port Houston’s Project 11 channel expansion and the opening of the $685 million Houston Methodist Cypress Hospital, which added roughly 700 jobs.

Developers delivered 11,713 units and had another 23,166 units underway as of October, while starts fell closer to historical averages. Investment remained modest for Houston standards, reaching $2.0 billion in 2025 through October. The price per unit clocked in at $134,160, virtually flat compared to 2024.

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Detroit’s average advertised asking rent was flat on a trailing three-month basis through October, at $1,332, according to the latest Yardi Matrix Detroit multifamily market report. Meanwhile, the national average slid 20 basis points, to $1,743. The gap was wider year-over-year, as the metro recorded a 1.9% uptick compared to just a 0.5% increase at the national level, as per the U.S. multifamily market outlook. Among the top 30 metros tracked by Yardi Matrix, Detroit posted one of the strongest year-over-year rent growth rates, ranking eighth among other top submarkets.

Employment growth in the metro was 0.6% year-over-year through August, just 20 basis points below the U.S. average. Detroit’s unemployment rate stood at 4.3% in August, according to preliminary Bureau of Labor Statistics data. Over the 12-month period ending in August, the metro gained 7,300 net jobs, with financial activities leading growth, up 3,600 positions. OpenAI, Oracle and Related Digital have selected a 250-acre site in Saline Township, Mich., just outside Ann Arbor, for a data center campus. The joint venture expects to start construction on the $7 billion project in early 2026.

More than 1,500 units were delivered in the first 10 months of the year. Developers had 3,701 units under construction and an additional 27,000 in the planning and permitting stages. Investment amounted to $224 million year-to-date through October, slightly below the $245 million recorded in the same period last year.

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Baltimore’s multifamily market entered the fourth quarter of 2025 with mixed results across fundamentals, although the overall trend was generally positive, according to the latest Yardi Matrix Baltimore multifamily market report. In the context of the previous two years recording nearly 8,000 new units, rent growth decelerated. Advertised asking rents ticked down 0.1%, on a trailing three-month basis through October, to $1,752. Despite the recent surge in supply growth, Baltimore’s average occupancy rate in stabilized assets remained healthy, at 95.0% as of September, 30 basis points ahead of the national average, as noted in the U.S. multifamily market report.

The metro’s unemployment rate stood at 4.3% in August, on par with the national figure, according to preliminary data from the Bureau of Labor Statistics. Meanwhile, employment growth slowed down to 0.2% through August, lagging the U.S. rate by 60 basis points. In the 12 months ending in August, Baltimore recorded a net loss of 4,400 jobs. Education and health services was the strongest-performing sector, gaining 12,000 positions. Some large infrastructure projects reached milestones this year, including new budget estimations for the Francis Scott Key Bridge replacement (between $4.3 billion and $5.2 billion) and the newly revitalized Red Line Light Rail 14-mile corridor project (more than $7 billion).

Developers completed 2,972 units in 2025 through October, which was on par with the previous year. Meanwhile, transactions remained on a downward trend, with just $392 million in deals.

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