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A new Yardi Matrix special report describes the U.S. multifamily sector as standing astride an overall positive economic environment and an uncertain future facing the specter of monumental changes to tax, regulatory and immigration policies.
While core indicators such as payrolls and consumer spending are generally healthy, consumer sentiment, ISM new orders and other forward-looking measures “suggest momentum is moderating,” the report says, with slower growth the likely outcome.
Multifamily has already underperformed historical norms so far this year, with national average rents increasing just 0.2% per month from March through May, about half seen in both the 2010-19 spring average and the same period in 2024.
Uncertainty comes in the form of proposed federal tax reductions and deregulatory initiatives, whose impact on multifamily “remains uncertain and subject to debate among economists,” according to the report. Meanwhile, changes to immigration rules could stifle both household formation and apartment demand “while also reducing the number of new jobs needed to keep unemployment steady.”
What else is on the horizon for multifamily? Find out in the new Special Report: Multifamily Rent Forecast Update from Yardi Matrix.
