Why is apartment rent growth slowing down again? That's the big plot twist in the latest data on the U.S. apartment market. Rental housing economist Jay Parsons dives into that question and much more in this Q3 2025 Apartment Market Update and Outlook. Later in the program, Jay welcomes in CBRE's Americas head of multifamily research, Matt Vance. Jay and Matt chat about what is driving the current slowdown in rent growth, while also highlighting the continued strong demand, improved affordability trends and low turnover. And what markets could recover first, particularly among the high-supplied Sun Belt and Mountain markets? Jay and Matt also talk about the state of the multifamily capital markets, and when we'll see all that much-discussed dry powder drive sales volumes back up. Additionally, Jay reviews the latest headlines in rental housing — including some major news on the single-family rental market — and offers up another edition of "Rental Housing Trivia."