The multifamily market enters late 2025 at a clear turning point. Robust leasing activity lifted average occupancy for the first time since 2021, giving rent growth a modest but welcome boost. Yet a sharp slowdown at the start of the fourth quarter has cast doubt on whether 2025’s gains will ultimately outpace 2024. All numbers…
Multifamily rent performance has been getting a lot of attention lately, and rightfully so. After showing some improvement through most of the year on the back of an improved supply and demand environment, rent growth stumbled in October. The upcoming ALN monthly newsletter for November will cover the rent performance picture in more detail. In…
Although improved net absorption was anticipated for 2025, the scale of the growth in realized apartment demand has been surprising. Strong demand and tapering new supply have accelerated the multifamily recovery timeline. Average occupancy gains have materialized on a widespread basis this year rather than in 2026 when that dynamic was expected to occur. There…
The impact of two developments for the multifamily industry this year has been widely felt. One has been the beginning of a slowdown in new supply after its 2024 peak. That slowdown was anticipated, and its scale has largely played out to expectations. The other is a rise in apartment demand. Though further improvement after…
A major story this year for the multifamily industry has been the considerable increase in net absorption. The industry saw year-over-year improvement in 2023 and in 2024, but the multi-year uptrend has gained steam this year. One interesting aspect has been what has occurred at the price class level. All numbers will refer to conventional…
Apartment demand has exceeded expectations this year, with clear effects across other industry metrics. New supply has started to recede from its 2024 peak as anticipated, but higher-than-expected net absorption has moved up the timeline for occupancy recovery. All numbers will refer to conventional properties of at least fifty units. Strongest Summer Since 2021 April…
The link between demand and rent growth shapes investment and management decisions in multifamily. Rolling correlation analysis, which tracks this relationship over a 12-month window, can reveal dynamic market shifts. Using data from July 2017 to July 2025, we analyzed national trends and four illustrative markets – Nashville, New York (NYC), Chicago, and Detroit. Understanding…
After slogging through the last few years, Dallas – Fort Worth multifamily appears to have finally turned a corner. The peak in deliveries for this cycle is in the rearview mirror and apartment demand has continued to gain momentum. This renewed balance between new supply and net absorption has produced the first average occupancy gain…
The most prominent driver of multifamily performance over the last few years has been new supply. The sustained deluge of new units that entered the market across the country in recent years was unlike anything seen since the peak years of the 1970s and 1980s. This surge in supply was paired with inconsistent apartment demand…
