Supply Trends Down. Demand Is Waiting.

The latest data on multifamily performance shows improving occupancy and stronger monthly rent growth compared to last year, but yearly rent growth is subdued. Multifamily supply growth is weakening as well, but investors and operators may have longer to wait for demand strong enough to meaningfully impact the market. Pressures from elevated interest rates, oil prices, and tariffs continue to linger in the background, but these gradual improvements in apartment performance are positive signs that suggest a milder Winter for multifamily in the closing months of the year.

National YoY Rent Growth Average, June 2026*

-0.20% –

* Based on data from RealPage, Zillow, Yardi Matrix, Apartment List, and CoStar

National Occupancy Average, June 2026*

94.53% ↓

* Based on data from RealPage, Yardi Matrix, Apartment List, and CoStar

10-Year Treasury

4.68% ↑

7-Year Treasury

4.54% ↑

5-Year Treasury

4.40% –

SOFR

3.66% ↑

Federal Funds Rate

3.64% –

The Apartment Market and the Economy 

Midyear Multifamily Outlook: National Multifamily Fundamentals Improve As Supply Risk Continues to Fall (Marcus & Millichap)

New Policy Stabilizes Tariffs, but Sustains Cost Pressure on CRE Tenants, Consumers (Institutional Property Advisors)

Fewer Fed Meetings And Higher Yields Put Commercial Real Estate At Risk (GlobeSt)

The Market Tightened for Warsh. Now What? (Berkadia)

Multifamily Drives CMBS Delinquency Rate Up 51 Basis Points in July 2026 (Trepp)

Multifamily Markets and Reports

Multifamily rent gains in July point to recovery (Yardi Matrix)

Multifamily Rent Growth Grows to 1% YoY (Apartments.com)

Quarterly Survey of Market Conditions: Fundamentals Improving, Sales Activity Declines (NMHC)

Slower Deliveries Help Multifamily Vacancy Edge Lower (NAR)

Multifamily and Housing Markets

Affordability Pressures and Fewer Young Adults Strain Household Formation (Harvard Joint Center for Housing Studies)

Homeownership may no longer be the fluid wealth-building tool it once was (Cotality)

Home Price Cuts Creep Back Up as Summer Selling Season Stalls (Realtor.com)

It’s time to kill the dream home (John Burns Research and Consulting)

More young adults are living with their parents (New York Times)

CRE Markets and Lending Data

Capital Markets Report: “investors became increasingly willing to transact despite a volatile interest-rate environment” (Colliers)

Mid-Year Valuation Report: Multifamily Cap Rate Compression Strongest in the Midwest (Newmark)

Q2 2026 U.S. Capital Markets Report: Disciplined Underwriting and Tightening Spreads (CBRE)

“CRE values have largely absorbed the recent uptick in inflation and interest rates rather than declining in response to them” (Cushman & Wakefield)

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