While 2025 hasn't played out as apartment investors hoped, we do see green shoots of recovery amidst a bag of mixed signals.
SFR REITs remain priced out of homebuying, continuing to be net sellers of existing homes and recycling capital into new construction
An early end to the leasing season, myth-busting on renter financial health, stock buybacks, "green shoots" in the Sun Belt, a boom in the Bay Area, and much more.
It's not all bad news, but the "Survive 'til 2025" rallying cry hasn't played out as many had hoped. Will it "Fix in '26?"
Will the apartment market improve in the fall? How is the softening economy impacting apartment demand?
And yet demand-side indicators remain strong. What to make of a market of mixed signals?
It's another mixed bag: Improvement in expense pressures, rental affordability, retention and renovation ROI ... but continued challenges in new lease rents and in deploying capital
Apartment demand remains robust. But after previously showing signs of rebounding, rent growth has decelerated in three straight months.
Rent growth backtracked in the past two months despite strong absorption, steady vacancy, declining supply and improving rental affordability?
Real data showing renters are in strong financial shape -- at least among those living in institutional-grade apartments and single-family rentals.
Highlights include encouraging signs for the multifamily industry at large on demand fundamentals, affordability and turnover.
And why the headline narratives are likely wrong about tariffs leading to big rent increases (at least any time soon).
