🏗️ @RealPage Apartment Demand Analysis: Which Markets Stayed Resilient in Q4? While the U.S. apartment market saw a seasonal shift toward net move-outs at the end of 2025—marking a return to "pre-pandemic normalcy"—a few powerhouse markets are still defying the cooldown. Out of the nation’s top 50 markets, only 14 maintained positive demand in Q4. 🍎 New York: The Heavyweight Champ * New York continues to lead the nation, proving its resilience despite broader market shifts. * Absorption: ~4,300 units in Q4. * Track Record: This marks the 7th consecutive quarter of positive growth. * Occupancy: At 96.9%, it remains the tightest market in the country. ☀️ Phoenix: Consistency is Key * Phoenix nearly matched New York’s volume, showing that the desert heat hasn't cooled for multifamily demand. * Absorption: Nearly 4,000 units. * Context: Demand has stayed near or above this level for 8 straight quarters. * Regional Note: Only San Diego and Oakland joined Phoenix as West region markets with positive Q4 demand. 🤠 Fort Worth: The Texas Outlier * While other Texas giants saw a slowdown, Fort Worth held its own as the only large Texas market in the green. * Absorption: 1,500+ units. * The Catch: Despite demand, occupancy sits at 92.8%—one of the lowest among top markets due to heavy supply. 🚉 Newark: The Northeast Stronghold * Newark joins NYC as a regional leader, though it is seeing a slight moderation compared to its 5-year averages. * Absorption: ~1,400 units. * Occupancy: Extremely tight at 96.5%, signaling a highly competitive market for renters. 📍 Other Notable Mentions: * Midwest: Columbus was the only top 50 Midwest market with positive demand. * South: Florida continues to show strength, representing the majority of the South's positive performers. The Big Picture: We are seeing a "re-balancing" of the market. As we move into 2026, the focus shifts from rapid post-pandemic spikes to steady, sustainable growth in select hubs. realpage.com/analytics/apart…

📉 @RealPage U.S. Apartment Market Update: A Return to "Normal" or a Deeper Cooling? The latest data from RealPage is in, and the 4th quarter of 2025 signaled a significant shift in the multifamily landscape. As demand stabilizes toward historic norms, we are seeing deeper rent cuts and a rise in concessions. 🔄 Seasonal Demand Returns: For the first time in three years, the U.S. saw net move-outs in Q4 (~40,400 units). This suggests a return to pre-pandemic seasonal patterns rather than the "growth at any cost" streak we've seen recently. 📉 Rent Cuts are Deepening: Effective asking rents dropped 1.7% in the final three months of 2025. While Q4 cuts are common, this decline was twice as deep as the five-year average for the same period. 🏷️ The Rise of Concessions: Over 23% of apartments are now offering concessions, averaging around 7%. For owners and operators, the focus has shifted from growth to filling units. 📍 Supply vs. Demand Divide: Supply-heavy markets in the South and West (Austin, Denver, Phoenix) are seeing the deepest cuts. * The Resilience: The Midwest (Chicago, Cincinnati) and coastal tech hubs (San Francisco, NYC) are still seeing modest growth, likely bolstered by return-to-office mandates and limited new supply. 🏨 Tourism Centers Slowing: Markets like Nashville, Tampa, and Las Vegas are losing momentum—often a "canary in the coal mine" for broader shifts in discretionary consumer spending. The Bottom Line: We are moving away from the historic peaks of 2024. Success in 2026 will likely depend on navigating high supply volumes and strategic concession management until the current inventory "burns off." realpage.com/analytics/4q-20…

🏘️ @RealPage: Build-to-Rent Construction Pipeline Shows First Signs of Cooling U.S. build-to-rent (BTR) construction has slowed slightly for the first time in several quarters — but remains strong overall, especially in Sun Belt markets. 📉 National Trends * BTR units under construction: ~63,800 (as of Sept.) * Down 0.7% from June levels — the first modest decline since 2023. * BTR includes detached and semi-detached homes, rowhouses, townhomes, duplexes and quadruplexes built for rental. * Mirrors the broader housing slowdown, with single-family permitting at a 2-year low and multifamily starts declining in August. 🌎 South Dominates the Market * ~37,700 units under construction — more than all other regions combined * Up 2.3% from June. * Pipeline extends through 3Q 2027. 🌄 West slips: * ~17,400 units underway, down 10% since summer. * Construction timeline through April 2028. 🌾 Midwest: ~6,400 units, +10% over last few months. 🏙️ Northeast: ~2,200 units, +6% growth recently. 🏜️ Market Leaders * Phoenix: 10,000+ units (nation’s largest BTR pipeline, through 2028) * Dallas: 5,800 units (through 3Q 2027) * Atlanta: 3,370 units * Fort Worth: 3,260 units * Austin: 2,800 units * Houston: 2,660 units * Combined, these six markets will add nearly 28,000 units in the next 20 months. 🔮 Outlook * Despite a mild slowdown, BTR construction remains robust, supported by renter demand for single-family-style living. * Another ~11,870 units are planned (not yet started). * However, economic uncertainty and recent government shutdown impacts could slow project starts ahead. 🧭 Broker Takeaway * BTR remains one of the brightest housing subsectors amid slower traditional homebuilding. * Sun Belt metros continue to dominate activity, appealing to investors seeking rental housing exposure. * Developers may pause new starts temporarily but fundamentals — affordability pressures and renter preference for space — remain intact. realpage.com/analytics/build…

🏗️ @RealPage: Apartment Supply Still Surging Despite Sharp Cooldown The U.S. apartment market delivered another milestone in Q3 2025 — its 10th straight quarter of record-breaking completion volumes. 📈 Key Highlights * 105,525 new units were completed in Q3 2025 — the 10th consecutive quarter above the 100,000-unit mark. * Deliveries peaked in Q3 2024 and have declined since, but still remain historically elevated. * Despite a slowdown, supply volumes remain near record levels across all regions. 🌎 Regional Breakdown * South: 53,410 units completed — still leading the nation, though down sharply from the 92,000+ peak last year. * West: 26,900 units, up slightly from Q2 but far below 2024 highs. * Northeast: 13,100 units. * Midwest: 12,100 units — the only region below its 10-year average. 🏙️ Top Markets for New Deliveries: Phoenix, New York, and Dallas each saw more than 6,000 new apartments delivered between July and September. 🏡 The Bigger Picture * Even as new starts slow and financing tightens, apartment completions remain near multi-decade highs, keeping the pressure on rent growth and occupancy through late 2025. * The data underscores how the U.S. multifamily sector is still working through a supply bulge, particularly in the South and West — a key theme for investors watching for balance between construction cooldowns and rent stabilization heading into 2026. realpage.com/analytics/3q-20…

🏗️ @RealPage: 10 Apartment Markets to See Supply Increase Next Year While most U.S. markets face a sharp slowdown in new apartment deliveries (-33.9% completions nationwide over the next 12 months), only 10 are slated for higher deliveries in the coming year. 📍 Markets with the Biggest Increases * Los Angeles: Nearly doubles from ~8,000 to 15,500 units (peak volumes expected by mid-2026). * Detroit: +77.5% (from ~1,800 to 3,100+ units). * Cincinnati: +47.4% (to 3,100+ units) – also among national leaders in rent growth. 🌎 Other Markets Seeing Supply Growth * San Diego & Anaheim: Both up 70%+ from recent limited levels. * Fort Worth: Lone South market with growth — +23% to ~8,000 units. * Pittsburgh, Newark, Boston, New York: More modest gains, +5% to +17%. 🏘️ Why it matters: * Most metros are returning to a “normal” supply pace after years of record completions. * These 10 markets stand out for investors and operators: either catching up after years of limited construction, or still playing out large pipelines started during the boom. * Markets like Cincinnati (rent growth leader) and Fort Worth (contrarian in Texas) could see unique landlord advantages. ✅ Takeaway: Apartment supply is tightening almost everywhere — except for a few standout metros where deliveries are set to rise. Investors should watch whether new supply pressure creates short-term headwinds for rent growth, or if strong demand absorbs it. realpage.com/analytics/apart…

🏢 @RealPage: U.S. Apartment Market Softens in August After several years of resilience, the multifamily market is showing some cracks: 📉 Key National Trends * Occupancy: 95.4% in August → down 10 bps from July, but still in line with 5-year average * Year-over-year occupancy: +130 bps * Rents: Effective asking rents -0.2% YoY → first annual rent cut since March 2021 * Supply-heavy South & West regions continue to weigh on national performance 🌍 Regional Performance * South & West = weak spots * Oversupply in Austin, Dallas, Denver, Phoenix, Charlotte * Tourism-dependent markets like Orlando & Las Vegas also softening * Coastal Tech Hubs = strength * San Francisco, San Jose, New York: Rent growth +3% to +7% YoY * Other winners: Chicago, Pittsburgh, Minneapolis 🧐 Takeaway * The South’s supply surge is still the biggest drag on national rent growth. * Tech-driven and supply-constrained metros are holding firm — and in some cases thriving. * Tourism markets softening may be an early signal of consumer caution. 💡 Bottom line: The U.S. apartment market is increasingly market-by-market, with oversupply weighing on the Sun Belt while coastal metros and Chicago show surprising resilience. realpage.com/analytics/augus…

📈 @RealPage on Small Apartment Markets, Big Rent Gains While the U.S. overall saw a slight -0.1% dip in asking rents year-over-year (ending August 2025), several secondary apartment markets are bucking the trend with >3.5% annual growth. 🔝 Top Rent Growth Markets (25k–110k units) * Harrisburg, PA: +5.8% * Syracuse, NY: +5.7% * Champaign, IL: +5.0% * Providence, RI: +5.0% * Salinas, CA: +4.9% (West region’s only entry) * Portland, ME: +4.3% * Flint, MI: +4.2% * Albany, NY: +4.0% * Lansing, MI: +3.7% * Allentown, PA: +3.6% * Rochester, NY: +3.6% 📍 Regional Breakdown * Northeast: 7 of the 11 high-growth markets * Midwest: 3 markets (Champaign, Flint, Lansing) * West: 1 market (Salinas, CA) * South: None 🏢 Large Market Standouts (Top 50) * San Francisco: +7.1% (nation’s highest) * Chicago: +4.5% (#7 nationally) 💡 Takeaway: Even as national rent growth cools, smaller markets—especially in the Northeast—are showing outsized resilience. Investors, operators, and developers should keep an eye on these “hidden growth pockets” as demand shifts. realpage.com/analytics/small…