Posts by Matt Bastnagel

Tariffs and other new policy changes led to a stock market downturn this past week and fears of a recession that could have dramatic negative effects throughout the economy, including the multifamily market. These near-term fears are now coming up against long-term trends in the housing and multifamily market of gradually increasing housing demand and…

Given the consistently strong demand numbers, the multifamily market looks forward to strengthening fundamentals in 2025, as the apartment supply wave recedes and the market comes into greater balance. Recent tariffs have done little to change these dynamics, and their negative impact on construction costs could over-accelerate the balancing of the market into a supply…

As multifamily starts continue to decline (far more than single family home starts) and both housing demand in general and apartment demand specifically show consistent strength, the case for multifamily asset strength continues to improve. While a recent decrease in 10-year treasury yields , elevated interest rates continue to inject a level of uncertainty into…

Apartment fundamentals continue to improve, with multiple data sources sharing a broad consensus of improving demand. Additionally, recent reports project a considerable drop-off in newly-delivered apartments in 2025, continuing into 2026. As this steady, elevated apartment demand meets a shrinking amount of new supply, we could see noticeably higher rent growth in 2025 and 2026.…

The multifamily market has been remarkably resilient in working through the historic wave of newly-built apartment supply, and comparatively, the recent dip in consumer sentiment may not be a major obstacle as rent growth is expected to to improve through 2025. Uncertainty has also hit the investment side, but recent signs of increasing investment activity…

Investor sentiment in the multifamily market has settled into much the same place that it was at the start of 2024, but crucial improvements in multifamily fundamentals have driven more interest in multifamily investment in 2025, despite the added weight of higher-for-longer interest rates. Multifamily, the Nation, and the Economy Multifamily growth “subdued but positive”…

Multifamily investment optimism persists, but expectations have cooled somewhat since late 2024. Persistently-high ten-year treasury yields have changed the prevailing assumptions about interest rates and the multifamily lending market, with higher-for-longer expectations taking hold, moderating the previous optimism about the multifamily investment market, but even if the lending environment remains the same, the near-unanimous consensus…

Amid the steady flow of executive orders from the new Trump administration, there remains some lingering uncertainty about the direction of the economy, but nothing that has overcome the prevailing economic optimism presently. The apartment market, while still working through a massive wave of new supply, has a clear positive trajectory for 2025, backed by…

The slight increase in CPI-measured inflation (from 2.7% to 2.9%) may have been lower than expectations, but the persistence of price growth, along with recent jobs numbers showing a stronger-than-expected labor market, may lead to continued high interest rates. Amid this heating economy, apartment demand has been steadily growing throughout the past year and is…