The Multifamily Dispatch,
from J+G Companies

Recent data on investor sentiment confirms the sharp change in interest rate expectations among multifamily investors as many have abandoned hopes for a rate cut from the Federal Reserve. Despite this tempered enthusiasm for a more favorable lending environment, apartment investors remain optimistic. This positive outlook improves dramatically in 2027, but investors are more divided about their prospects…

Apartment performance is improving as new data confirms a late-season boost to rent growth and demand, with stronger multifamily fundamentals compared to last year. Absorption has exceeded supply for 2 straight quarters, and in Q2, absorption was more than double apartment deliveries. Buyers and sellers, however, have not yet woken up from the past few years of slow and…

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…

The summer of 2026 is looking brighter than 2025, with data showing a more extended leasing season this year and increasing occupancy. Rent growth and occupancy may trend down as 2026 progresses, but this more robust mid-summer rent growth is an encouraging sign of growth in multifamily performance after years of downward pressure due to the record amount…

Last week’s CPI showed a notable 0.7% decline in annual inflation. While lower oil prices were a large factor in the all items index, the 0.3% decline in the core inflation number, (which excludes food and energy prices) suggests that the surge in oil prices has not ignited more widespread inflation throughout the economy. Similar declines in…

The reignited conflict in Iran has upset the slow progress and growing momentum in the economy. The stock market has taken a hit as increased oil prices and interest rates have led to lower confidence among investors, but the multifamily market is following its own distinct trajectory. Certainly, there are many markets where multifamily performance has…

The narrative of current challenges and future benefits is being tested in the multifamily market. Recent data shows declining monthly rent growth, elevated vacancy, and below-average annual rent growth for the nation, on average. Elevated interest rates and economic uncertainty add to this gloomy near-term outlook, but disciplined investors see larger opportunities on a longer horizon. Consumer confidence…

Consumer sentiment is up 10%, but recent dips in oil prices have not yet shown up in the inflation data. A recent uptick from the Fed’s preferred inflation gauge supports expectations of interest rate hikes later in the year, but historically speaking, a rate hike environment is correlated with stronger CRE investment returns compared to an easing environment. That is small comfort…

Reports of the death of the multifamily market are greatly exaggerated, and that holds true whether you’re looking at the past few years or the next few decades. Certainly, investment activity and property valuations have fallen, especially compared to their 2021-2022 peaks, but this was more of an interest rate-driven price correction than a collapse. Likewise, there have been…