January 27, 2026

After three years of rate turbulence, historic construction volume, and cap rate resets, 2026 is shaping up to be a transitional year for U.S. multifamily — the beginning of a slow normalization in which rents, occupancy, lease ups, concessions and expenses finally bottom out and move toward stabilization. The recovery will be gradual and uneven, highly dependent on region and asset class, with best in class properties rising to the top. More