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…
Coming into 2025 it appeared that a slowdown in new supply paired with continued improvement in the demand environment would lead to a smaller annual decline in national occupancy than had been the case in each of the last few years. An outright increase in average occupancy seemed more likely for 2026. As outlined in…
Average effective rent growth for new leases has shown strong improvement over the last year. After peaking out a modest 0.9% gain in the previous twelve-month period, the national average effective rent has grown by 3.5% over the last twelve months. Below the national average, some important distinctions have emerged. All numbers will refer to…
A more detailed analysis of multifamily performance in the first quarter will be the subject of the forthcoming ALN newsletter for April. In broad strokes, new supply continued its surge, apartment demand cooled, and rent growth picked up. One area below the national level in which some clear differences emerged was price class performance. All…
This year, the number of new units is expected to decline from its 2024 peak but will still be substantial relative to historic norms.
The final installment of the ongoing series looking back at various facets of multifamily demand last year is average occupancy. As already discussed, improved apartment demand in 2024 was insufficient to offset generational new supply. This ongoing imbalance was a headwind to rent growth – although it too showed improvement from 2023. The mechanism by which the supply and demand…
Next up in the current series looking back at 2024 multifamily performance is apartment demand. If you missed it, be sure to catch up on the article detailing last year’s new supply. All numbers will refer to conventional properties of at least fifty units. Additional market-specific information is available for free when you sign up to…
A violin plot is an interesting way to visualize quite a bit of information on the same chart, but it also isn’t as intuitive as other types of charts. I thought it might be worthwhile to walk through one looking at average effective rent growth across markets of various sizes from the last twelve months….
Rent growth has been muted this year, but some markets have managed impressive gains over the last twelve months.
