2026 State of the Market – U.S. Multifamily Outlook

Apartment fundamentals are solid. There’s room for improvement. Still, rental demand should support occupancy and moderate rent growth. For institutional investors, though, after nearly three years of hesitation, it is now “go time”. Capital flows into private real estate are on the rise again though the pace of deployment is measured. Financing has become more accretive, and lenders more aggressive. Geographic and asset selection matter as the market recovers, but the stage is set for a robust year of transactions.