Apartments.com, a leading online marketplace of CoStar Group, has released its multifamily rent growth report for July 2025, revealing that national apartment rent growth has flattened in recent months. The national average rent held steady at $1,717, showing a negligible month-over-month change of -0.03%, marking the sixth consecutive month of flat or negative growth. Annual rent growth has also decelerated from 1.5% in January to 1.1% in July. The report highlights key market-level performances, with San Francisco experiencing the largest month-over-month rent growth at +0.43%, followed by Orange County and Oklahoma City. San Francisco also led with the highest year-over-year growth at +5.3%. Despite the slowdown, the national average rent remains above year-ago levels. Regionally, the Midwest and Northeast posted the strongest growth, while the South and West lagged due to elevated supply levels exceeding demand. As the market has not entered a broad decline, the trajectory since January reflects a measured pace of moderation. Upcoming data, particularly for August, will be critical in determining whether the market is stabilizing or continuing to soften.