Rental Demand Softened in Late 2025 as Applications Dropped 10%, New TransUnion Analysis Shows

Property managers faced mounting pressure in the second half of 2025 as tenant applications fell 10% year over year, with the steepest decline hitting during the peak summer moving season. Application declines were concentrated primarily in the western and southwestern states, with only a few exceptions in the eastern U.S. Maine experienced the steepest drop nationwide, with applications falling 25%, according to a new TransUnion (NYSE: TRU) analysis presented at its Property Management Summit, held March 19-20.