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…
The second half of 2025 has arrived and there has been plenty of action in the multifamily industry so far this year. In addition to checking in on the various performance metrics at mid-year, now makes for an opportune time to return to the January newsletter. That month we laid out expectations for 2025. Now,…
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2025 has gotten off to an unusually volatile start for apartment demand on a month-over-month basis. Despite these early fluctuations, longer-term trends are uniformly positive. Both over the last twelve months, and year-to-date through April, national net absorption has continued along an upward trajectory that began in 2023. Encouragingly, the continued improvement has been widespread…
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…
This year’s opening quarter included multiple interesting developments that will have ramifications for multifamily performance as 2025 unfolds. Outside the industry, in just the first few days of April, seismic U.S. trade policy changes are just beginning to make their early impact felt. As has been the case for the last handful of years, there…
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…
2024 was a key step in the right direction for the multifamily industry. In the face of historic new supply pressure, the decline in national average occupancy was smaller than in 2022 or 2023. Net absorption showed robust annual improvement for a second straight year. Average effective rent growth for new leases more than doubled…
Despite remaining challenges, the third quarter featured some reasons for encouragement in the industry performance data.
