Multifamily at the Inflection Point

The record construction wave is cresting, vacancy is stabilizing, and the conditions for a meaningful rent-growth recovery are taking shape.

Where does multifamily go from here?

A disciplined market turning toward the investor.

The U.S. multifamily market is navigating an inflection point. The record construction wave of 2022–2024 is cresting and rapidly retreating, vacancy rates are stabilizing, and the conditions for a meaningful rent growth recovery are taking shape. Against a backdrop of a 3.63% Fed funds rate and a 10-year Treasury near 4.41%, financing remains disciplined but the trajectory increasingly appears to favor investors willing to act ahead of the turn.