RICHARDSON, Texas--(BUSINESS WIRE)--Oct 29, 2025--
RealPage®, a leading global provider of AI-driven software platforms to the real estate industry, today released its third quarter 2025 analysis of the multifamily housing sector. During the quarter, the average advertised rent price decreased for only the second time since 2009. RealPage data also shows that home values have risen at twice the pace of market-rate rental units since 2020, pushing the typical mortgage payment well above the nation's average rent and keeping many households in the rental market longer.
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“Resident retention has increased and is approaching an all-time high as the current cost of renting is significantly less expensive than homeownership,” said Carl Whitaker, chief economist at RealPage. “With residents staying put longer, owners and operators have an opportunity to create an even higher-quality resident experience and build a stronger sense of community at their properties.”
Q3 Industry Takeaways
“According to RealPage data, the outlook for the U.S. apartment market in the next 12 months is that supply will cool considerably from its current level,” added Whitaker.
Q4 Industry Outlook
RealPage believes the continued rise in resident retention with new lease shopping suggests that demand for market-rate apartments remains healthy. Current trends do not mirror past economic down cycles whereby both retention and new lease activity contracted significantly. In fact, should strong resident retention persist, the multifamily industry could see an optimistic client base and improved market momentum heading into next year.
For a deeper perspective on these trends and RealPage’s 2026 outlook, watch the Q3 Apartment Market webcast replay. https://www.realpage.com/webcasts/market-intelligence-us-multifamily-update-q4-2025/.
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About RealPage, Inc.:
RealPage improves the business of living.
RealPage is the leading global provider of AI-enabled software platforms to the real estate industry. The company offers the multifamily industry’s first agentic AI platform, Lumina AI™ Workforce, with a coordinated network of intelligent AI agents that work across leasing, operations, facilities, finance and resident engagement. By using RealPage solutions for operational excellence in the front office and throughout property operations, many leading property owners, operators and investors gain transparency into asset performance with data insights, enhancing experiences with customized tools and improving efficiencies to generate incremental yield. Founded in 1998 and headquartered in Richardson, Texas, RealPage joined the Thoma Bravo portfolio of market-leading enterprise software firms in 2021 to realize faster growth and innovation to serve more than 24 million rental units from offices in North America, Europe and Asia. In 2024-2025, RealPage has been recognized as one of America’s Best Employers by Forbes, one of America’s Best Employers for Women by Forbes, one of America’s Greatest Workplaces for Women by Newsweek, one of America’s Greatest Workplaces for Parents and Families by Newsweek, and has been certified as a Great Place to Work™ in India, the Philippines, the UK and the U.S. RealPage’s resident experience platform LOFT earned Property Management Solution of the Year and earned Gold in the TITAN Innovation Awards.
RealPage Third Quarter Analysis: Strong Retention Offsets Cooling Apartment Demand
