CoStar Group Inc., through its Apartments.com platform, has released its multifamily rent growth report for November 2025, revealing continued softness in the U.S. apartment market. The national average rent declined to $1,706, marking a 0.18% decrease from October and representing the fifth consecutive month of flat or negative rent growth. Annual rent growth slowed to 0.7%, down from 0.8% in October and 1.5% at the start of the year. The report highlights that markets experiencing the most new construction are reporting the weakest rent performance, while supply-constrained areas, particularly in the Midwest and select coastal markets, continue to outperform. However, some markets are also facing weaker demand due to economic slowdowns and layoffs. At the metro level, only seven markets showed positive rent change, with Louisville, Kansas City, and Norfolk leading at +0.1%. The largest monthly declines were seen in Las Vegas (-0.8%) and several Sun Belt and Mountain West cities, including San Antonio, Austin, and Denver (each -0.7%), primarily due to elevated vacancy from aggressive new supply and, in some cases, declining employment. San Francisco posted the highest annual rent growth at 5.6%, followed by San Jose (3.6%), Chicago (3.4%), and Norfolk (3.3%), while Austin, Denver, and Phoenix saw significant annual declines. All regions reported rent decreases in November, with the West experiencing the largest drop. Despite some markets moving past peak supply, the national rental market remains weighed down by inventory overhang, keeping rent growth momentum subdued heading into the end of the year.