The Rent Roll with Jay Parsons EP#44 Matt Vance | Q3 '25 Apartment Market Update & Outlook
Jul 31, 2025
In this conversation, Matt Vance, the Americas Head of Multifamily Research at CBRE, shares his expertise on the U.S. apartment market. He discusses the recent slowdown in rent growth despite strong demand and improved affordability trends. Vance highlights the performance of various metro areas, suggesting potential recovery spots in high-supply markets like the Sun Belt. They also tackle the impact of new capital in multifamily markets and the trends in the single-family rental landscape, offering keen insights into the evolving rental dynamics.
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Unexpected Rent Growth Slowdown
- Rent growth is decelerating despite strong demand across most U.S. metro areas.
- Supply alone doesn't explain this slowdown; affordability and demand remain robust.
Demand and Affordability Not to Blame
- Strong apartment demand and improved affordability are not causing the rent growth slowdown.
- Renters are moving upmarket, favoring higher-quality and pricier units over affordable options.
Peak Supply Passed, Lease-Up Competition Peaks
- High-supply markets show modest rent deceleration mainly due to increased concessions.
- Peak supply is over, but peak lease-up competition continues, diluting demand across many new units.