Apartments.com, a leading online marketplace of CoStar Group, has released its latest multifamily rent growth report for August 2025, highlighting a continued deceleration in national rent growth due to persistent supply pressures. The national average rent declined to $1,713, marking a 0.23% decrease from July and the first time since January that the average has dropped by more than 20 basis points. Annual rent growth also slowed to 1.0%, down from 1.1% in July. The report indicates that many markets are experiencing an overhang of new inventory despite being past their peak supply, with the Sun Belt markets, including Richmond, Austin, Las Vegas, and San Antonio, facing the most significant declines. Conversely, San Francisco, Chicago, San Jose, and New York are leading in annual rent growth. The analysis suggests that markets with high levels of new construction are struggling, while supply-constrained areas, particularly in the Midwest and select coastal regions, continue to perform well. All regions experienced rent declines in August, with the West and South seeing the most significant pullbacks. However, a few coastal and gateway markets showed positive growth, with San Francisco leading the way.