Northeast multifamily sales activity builds in the second half of 2025

Northeast multifamily market highlights

• Operating conditions across the Northeast were mixed in the fourth quarter, as rent growth held up in most markets while vacancy continued to trend higher. Developers completed approximately 38,600 units over the course of 2025.
• Regional vacancy ended the year at 5.3%, up 30 basis points from one year earlier. Philadelphia and Norfolk/Hampton Roads bucked the regional trend, posting year-over-year improvements of 10 and 60 basis points, respectively.
• Full-year rent growth varied considerably across the Northeast. Norfolk/Hampton Roads led the region at 3.4%, while Washington, D.C., was the only market to record a decline, finishing 2025 down 0.7% as elevated deliveries weighed on performance.
• Investment activity gained momentum in the second half of 2025. The regional median sale price for the year was approximately $235,600 per unit.

Download the full report below to explore Q4 2025 trends in the following Northeast multifamily markets:

• Boston
• Philadelphia
• Washington, D.C.
• Richmond
• Hampton Roads
• Baltimore