Trimont U.S. Multifamily Market Tracker
Trimont Research’s U.S. Multifamily Market Tracker provides a comprehensive overview of multifamily commercial real estate (CRE) market conditions. The tracker is updated monthly and aggregates data from multiple sources, with direct links included in the descriptions below. We categorize the data into four distinct, but related, groups: rents, demand, supply, finance, that enable users to concisely analyze market conditions at the national and local levels. Each category should be viewed in the context of the others. The tracker also includes Trimont Research’s Market Activity Risk Matrix for additional insight.
Please note: Data in the tracker is available for viewing only and cannot be downloaded. For more information, please contact the Trimont Research Team at research@trimont.com.
- Multifamily (25+ Units) Rent Metrics: Data for the Multifamily (25+ Units) Rent Metrics is provided by Redfin, a national real estate brokerage. Redfin’s data center, accessible here, is widely regarded within the residential real estate (RRE) industry for its comprehensive and freely available housing market data across various geographic levels. Redfin reports the median value of a three-month moving average for asking rents in apartment buildings with 25 or more units. This dataset, which begins in 2019, includes breakdowns for all units, studio/one-bedroom units, two-bedroom units, and units with three or more bedrooms. Coverage is provided at the national level and for 43 of the 50 largest Core-Based Statistical Areas (CBSAs). In February 2025, Redfin partnered with Zillow to expand multifamily rental listings for properties with 25 or more units. The Multifamily (25+ Units) Rent Metrics table enables users to select specific markets and view median asking rents by bedroom count. It also displays asking rent growth on both a month-over-month (MoM) and year-over-year (YoY) basis, with negative growth highlighted in red and positive growth in green. For more detailed market comparisons, rent data is also presented on a per-square-foot basis. While the three-month moving average helps smooth short-term fluctuations, some volatility may persist in the MoM data; a single month’s change does not constitute a trend. Extended periods of negative growth may signal a “renters’ market,” whereas sustained positive growth may indicate a “landlords’ market.”
- Multifamily Market Risk Matrix: Trimont Research developed a market risk matrix which combines several different variables into a single metric for a quick and concise view of market activity and conditions for more than 300 CBSAs. The matrix incorporates five measures: debt service coverage ratios, properties on the watchlist, vacancy rate metrics, and net operating income growth. When any measure exceeds a predetermined threshold, it is flagged as a risk factor for that market. Each market can receive between zero and five risk flags, depending on the number of thresholds surpassed. Markets with no risk flags are displayed in green on the map, while those with five risk flags appear in black. Markets with a higher number of risk flags may require increased scrutiny.
- Zillow Observed Rents: Zillow, Inc. is a licensed real estate brokerage operating across multiple states. Within Zillow, the Zillow Research division is dedicated to providing objective, data-driven analysis of the housing market, with transparent methodologies consistently documented. Zillow Research offers free, downloadable datasets here. One of its key products is the Zillow Observed Rent Index (ZORI), which delivers monthly data on asking rents and adjusts for quality changes within the rental housing stock. As described by Zillow Research, “ZORI is a repeat-rent index weighted to the rental housing stock to ensure representativeness across the entire market, not just homes currently listed for rent. The index is dollar-denominated by calculating the mean of listed rents within the 35th to 65th percentile range for all homes and apartments in a given region, weighted to reflect the rental housing stock.” As a result, ZORI’s coverage may differ from that provided by Redfin. The Tracker’s map feature enables users to quickly compare rents across all markets for the most recent month of available data. Trimont Research utilizes the “ZORI (Smoothed): Multifamily Residence Time Series ($)” dataset, which is accessible in the Rentals section.