Market Performance Overview: Vacancy, Rent Growth, and Absorption Trends The U.S. multifamily sector enters 2026 at a critical inflection point. After absorbing the largest wave of new apartment supply since the 1980s, the national market is finally approaching a rebalancing threshold. However, the path to equilibrium remains uneven, shaped by a persistent supply overhang in select geographies, decelerating employment growth, and a construction pipeline that, while thinning r

Warfield Building at 988 Market Street, San Francisco, CA A Downtown of Vacant Offices and Pricey Housing San Francisco’s downtown has been caught in a paradox: gleaming office towers sit half-empty while the city suffers a notorious housing shortage. The pandemic emptied out many high-rises as remote work took hold, pushing the office vacancy rate to record heights – nearly one-third of office space sat unused at the peak. By late 2025, about 42 million square feet of San

Today’s real estate landscape in Florida has been reshaped by the Live Local Act (Senate Bill 102 of 2023)  – a sweeping affordable housing law that preempts local zoning to encourage multifamily developmen t. Background and Objectives of the Live Local Act Florida’s Live Local Act was signed into law in 2023 amid a statewide housing affordability crisis. With broad bipartisan support, the Act aims to spur the production of affordable and workforce housing  by removing local

Introduction Student housing and senior housing represent two distinct niches in real estate, yet they share a common challenge: how to “right-size”  the program of facilities and services to balance market appeal and economic feasibility. Over-amenitize a property and you risk bloated costs that erode returns; under-program it and you may fall behind competitors or fail to meet tenant expectations. This report takes a deep dive into program right-sizing and services mix econ

Introduction Lenders financing multifamily properties today face a complex environment of record supply, shifting rents, and evolving tenant behaviors . Many assets are operating below their theoretical “stabilized” potential due to factors like loss-to-lease  (in-place rents trailing market levels) and rent concessions  offered to attract or retain tenants. These gaps between stabilized expectations and in-place reality can materially impact Net Operating Income (NOI) , debt

Executive Summary Scale & Market Position:  Blackstone Inc. (NYSE: BX) is the world’s largest owner of commercial real estate, with a global portfolio value exceeding $600 billion  and over 12,000 properties owned . Its real estate arm manages $339 billion of investor capital  and benefits from Blackstone’s total $1.21 trillion  in assets under management. This unparalleled scale provides diversification and access to capital, making Blackstone a bellwether in the CRE market.

2025 Industry Performance Overview The U.S. apartment and condominium construction industry has experienced mixed performance in 2025 amid shifting economic conditions. After strong growth during the pandemic-era housing boom (fueled by low interest rates), rising interest rates in 2022–2023 caused a noticeable slowdown in multifamily construction. Many contractors delayed or canceled projects as the Federal Reserve’s rate hikes drove up financing costs and mortgage rates, wh

3500 Edison St, San Mateo, CA 94403 - Hillsdale Garden Apartments Introduction Over the past year (approximately August 2024 through...

Executive Summary National Rebalancing:  Canada’s multi-family housing sector is transitioning from an overheated post-pandemic boom toward a more balanced state. Vacancy rates have risen to ~3.9% nationally  – the highest in several years – as new supply outpaces demand  in 2024/25. Annual rent growth has effectively stalled (national asking rents are down ~0.7% year-over-year) after record increases in 2022–2023. This cooling reflects both softening demand  – due to slower

165 Unit Complex - 210 S 16th St - The Brandeis, Omaha, Nebraska - Built in 1907, renovated 2009 Introduction Omaha, Nebraska is...

San Francisco’s real estate landscape is navigating a pivotal phase in mid-2025. After several turbulent years, the market is showing early signs of stabilization and recovery, albeit unevenly across sectors. This report – from the perspective of a feasibility advisory firm – examines current conditions and recovery signals in four key sectors (Office, Multifamily Residential, Retail, Industrial) and discusses recent leadership and policy changes shaping the city’s outlook. T

2959 Northern Blvd - Sven, Long Island City, NY 1101 In this case study, we analyze 2959 Northern Blvd (“Sven”)—an interesting 70‑story skyscraper—and its economic fundamentals within the Long Island City multifamily market. Executive Summary Trophy Class A Asset: Sven is a newly constructed (2022) 70-story, 958-unit luxury apartment tower in Long Island City (LIC), Queens. The property achieved 94–96% occupancy through 2024 (vacancy ~3.9%), outperforming the LIC Class A s

844 Dave Brubeck Way, Stockton, CA - Student Housing Enrollment Surge and Occupancy Dynamics Stockton’s University of the Pacific (UOP) is experiencing a significant enrollment surge. Full-time enrollment jumped 6.6% year-over-year in the 2023–2024 academic year , reaching 5,895 students This pace far outstrips the university’s 0.7% five-year average growth and stands among the fastest growth rates for any California campus. Such robust enrollment gains are fueling unprecede

3Eleven (311 11th Ave) 1. Asset Overview Property Type & Class: 60-story Class A high-rise multifamily tower, delivered in 2023 (opened May 2023). Constructed with a reinforced concrete superstructure and glass façade, the building features extensive amenities and high-end finishes. Location: 311 11th Avenue , at West 29th Street on the border of West Chelsea and Hudson Yards in Manhattan. Prime location near major employers (Google, Amazon, BlackRock, etc.) and attractio

88 Regent St - Jersey City, NJ 07302 New York’s multifamily housing market in mid-2025 is marked by record-low vacancy rates and record-high rents , underpinned by robust demand drivers and cautious but returning investor interest. Despite national softening in apartments, New York City’s rental market remains exceptionally tight – a critical trend for investors, developers, tenants, and lenders navigating current conditions. Vacancy rates in New York are hovering around ju

Small businesses often turn to the U.S. Small Business Administration (SBA) for help financing major projects – especially those...

3093 Broadway - The Broadway, Oakland, CA 94611 Executive Summary The U.S. multifamily sector enters 2025 at an inflection point. After four years of rising vacancy and muted rent growth, rental fundamentals are strengthening : first-quarter 2025 net absorption reached a record ~130,000 units (outside the pandemic surge) as overall vacancy began to fall. This demand upturn is driven by sustained economic growth (national employment expanding ≈1% YoY) and powerful demographic

Charlotte, NC Multifamily Market Outlook (2025–2026) Market Fundamentals (Current Conditions): Charlotte’s apartment market has softened after a construction-driven expansion. By Q3 2024 the metro-wide occupancy was about 93% (implying ~7% vacancy), down from ~95–96% earlier in the cycle. The average effective rent was roughly $1,557 per unit ($1.62/ft²) . In the past 12 months ~15,527 new units were completed against ~13,100 units of absorption, so net deliveries have modes

National Supply and Demand Outlook Turning Point in Vacancy After more than three years of elevated completions outpacing absorption,...

Atlanta Multifamily Market Insights: A Consulting Perspective At MMCG , we specialize in guiding investors, developers, and stakeholders through the complexities of multifamily real estate. Our latest analysis of the Atlanta market uncovers notable shifts in vacancy, rents, and ongoing development, painting a picture of both challenges and opportunities for long-term, strategic investment. Below, we present a summary of key market factors, followed by our consulting insights.