Will 2026 Be Just Like 2025?
The Federal Reserve held rates steady last week, the economy remains as shaky yet resilient as it was in 2025, and apartment performance has continued at much the same pace as it did in 2025. Even this “Groundhog Day” feeling itself is the same as 2025 and 2024 in the multifamily market. However, it is also true that interest rates are lower than they were a year ago, and apartment supply growth is projected to fall dramatically this year. These favorable expectations help explain the multiple reports this week of improving investor sentiment and growing investment activity in the multifamily market.
National YoY Rent Growth Average, November 2025*
-0.51%↓
* Based on data from RealPage, Zillow, Yardi Matrix, Apartment List, and CoStar
National Occupancy Average, November 2025*
93.43%↓
* Based on data from RealPage, Yardi Matrix, Apartment List, and CoStar
3.68% ↑
3.64% –
The Multifamily Market and the Economy
Powell Holds Rates Steady, Trump Nominates Replacement Chair (Berkadia)
Multifamily supply-demand balance aids outlook amid interest rate hold (Marcus & MIllichap)
Personal Income Ticks Up as Savings Rate Dips as “inflation erod[es] compensation gains” (NAHB)
Landlord With Nearly 100,000 Units Will Pay $53M To Settle RealPage Suit (Bisnow)
Multifamily in 2025 and 2026
4th Cold Winter in a Row for Apartment Rents (Apartment List)
NMHC 2026 Takeaways: Improved Investor Sentiment and Debt Capital Availability (Marcus & Millichap)
“Resilient apartment demand anchored the 2025 market” (Cushman & Wakefield)
Big Markets Still Seeing Apartment Demand in 4th Quarter (RealPage)
Apartment sales volume rose 9% to $165.5B in 2025 (Multifamily Dive)
Households and Housing Market Growth
Is Your State Better Off Now Than It Was Fifty Years Ago? (Urban Institute)
Record year for affordable housing construction — Seattle leads the nation (RentCafe)
Cap Rates and Commercial Real Estate Markets
CRE Cap Rates Trends: Multifamily Resilience vs. Industrial and Hospitality Expansion (CRED iQ)
A cautious start to 2026 for self storage (Yardi Matrix)
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