As spring comes within whispering distance, the multifamily rental season heats up. According to Zillow’s February 2025 Rental Market Report, pricing power has returned to the property category with the typical asking rent across the U.S. having risen to $1,980, a 0.4% increase from January and 3.5% year-over-year. It is 0.5% below the pre-pandemic monthly average for this time of year.

Even with increased supply in some popular parts of the country, demand from new renters is keeping upward rent pressure in place. Multifamily unit rent growth has also passed that of single-family rentals for the first time since June 2024.


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