Multifamily Stability in a Volatile Economy
Recent data from the Consumer Price Index and Personal Consumption Expenditures showed that inflation remained stable, but the more recent conflict in the Middle East has injected a great deal of volatility and uncertainty into the economy. Multifamily, by sharp contrast, has remained its stable, albeit slightly subdued, performance in early 2026. On the investment side, an interesting dynamic has emerged: Oversupply is a main concern, but supply growth is rapidly declining. This dynamic will create opportunities for investors who recognize the long-term viability of multifamily as an asset class and those who are targeting (Midwestern) markets and sub-markets where supply growth peaked lower and earlier than markets in the South and West.
National YoY Rent Growth Average, February 2026*
-0.35%↓
* Based on data from RealPage, Zillow, Yardi Matrix, Apartment List, and CoStar
National Occupancy Average, February 2026*
93.30%↓
* Based on data from RealPage, Yardi Matrix, Apartment List, and CoStar
3.65% –
3.64% –
CRE, Geopolitics, and the National Economy
Consumer Price Index Finds Inflation at 2.4%, Unchanged from January (Bureau of Labor Statistics)
PCE Inflation at 2.8% in January, Down from 2.9% in December (Bureau of Economic Analysis)
Why The Iran Conflict’s Impact On U.S. Real Estate Hinges On When It Ends (Bisnow)
Iran War: Market Adjustments Intensify While CRE Performance Remains Steady (Marcus & Millichap)
A Multi-Asset Playbook for Geopolitical Shocks and Oil Supply Disruption (MSCI)
Multifamily Markets and Reports
America’s Rental Housing, 2026 (Harvard Joint Center of Housing Studies)
Multifamily Investors Pivot to Oversupply Risks (John Burns Research and Consulting)
Jay Parsons’ Case For Higher Apartment Rents In 2026 (GlobeSt)
Fall 2026 Student Housing Pre-Leasing Season Continues to Make Notable Progress (RealPage)
Apartment Fundamentals and Housing Trends
National Multifamily Report, February 2026: Multifamily continues to jog in place (Yardi Matrix)
Senate Passes Housing Bill That Threatens To ‘Shut Down’ Build-To-Rent Industry (Bisnow)
Average Age of First-Time Homebuyer Jumps to 40 (Realtor.com)
Single-Family Starts Remain Soft in January on Affordability Concerns (NAHB)
Commercial Real Estate and the Economy
Capital Normalizes as the Life Sciences Sector Rebalances (Colliers)
The U.S. Life Sciences Real Estate Market Is Approaching a Turning Point (CBRE)
Balance Sheet CRE Lending Spreads Show Little Response to Oil Price Shock (Trepp)
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