Rent Growth Trends August 2025 Update

The Big Picture

Chandan Economics reports that US multifamily rents gained traction in August, marking a clear rebound after a sluggish winter. According to the Zillow Observed Rent Index, seven in ten markets saw rents climb month-over-month, a significant jump from February’s low point when only 62.1% of metros recorded growth.

Month-Over-Month Movers

Nationally, rents inched up by 0.16% between July and August. At this pace, annual growth would land just under 2%—modest, but firmly in positive territory.

Among the 100 largest US metros, Wichita, KS, led all markets, with a 0.95% monthly increase. Other top performers include:

• Urban Honolulu, HI: +0.84%
• Fresno, CA: +0.73%
• Augusta, GA: +0.72%
• New York, NY: +0.66%.

Year-Over-Year Leaders

On an annual basis, national multifamily rents rose 2.0% over the past year. Augusta, GA, stood out as the fastest-growing market, posting a 7.9% year-over-year increase. The top five annual performers include:

• Augusta, GA: +7.9%
• Springfield, MA: +7.1%
• Chicago, IL: +6.2%
• Rochester, NY: +6.0%
• Worcester, MA: +5.8%

Why It Matters

The August data suggest the multifamily sector is stabilizing after a slower start to the year. While rent growth remains modest compared to the double-digit surges of the pandemic era, steady gains across a broad set of markets point to durable demand.