The recent passage of the Trump administration’s “Big Beautiful Bill,” which permanently restores major tax benefits like 100% bonus depreciation, among other tax breaks, has been very well received among real estate investors. On the other hand, multiple recent reports on the multifamily forcefully confront the possibility of a continued downturn in the apartment market, but the enormous amount of demand and the significantly lower levels of construction activity are clear indicators that, after more than 2 years of stagnation and cooldowns, apartment market fundamentals are poised for major positive growth moving forward.

Multifamily, the Nation, and the Economy

Housing and the “Big Beautiful Bill”

HousingWire: NAR is celebrating the recent passage of the bill, which includes “[a] permanent extension of lower individual income tax rates, [a] permanent 20% qualified business income deduction (Section 199A), [a] five-year, fourfold increase (moving from $10,000 to $40,000) to the state and local tax (SALT) deduction cap beginning in 2025[, and c]ontinued protection for business SALT deductions and 1031 like-kind exchanges
A permanent extension of the mortgage interest deduction.”

• Report: Budget Reconciliation Legislation 2025 Tax Reform (Institutional Property Advisors)
   
• Paying Rent on Time Could Now Help You Get a Mortgage After Key Change at Fannie and Freddie (Realtor.com)
   
• The Eye of the Storm? Interest Rates, Tariffs and Uncertainty (Marcus & Millichap)
   
• Trump Megabill Revives Hopes for Fannie and Freddie’s Exit (GlobeSt)
   
• “One Big Beautiful Bill Act” Tax Policies: Details and Analysis (Tax Foundation)

Multifamily and the Housing Market

Resilient Demand and Still-Muted Rent Growth Defines U.S. Apartment Market in 2nd Quarter 2025

RealPage: “A noisy economic backdrop including slowing (though above expected levels) job growth, declining consumer and business sentiment, and deeply entrenched uncertainty have yet to deteriorate demand for rental housing.”

• Delistings Surge Nearly 50% as Sellers Who Can’t Get Their Price Quit the Market in Frustration (Realtor.com) 
   
• Overview: The Housing Market in May 2025 (NAR)
  
• What Time of Year Is Rent Cheapest? (Apartment List)
   
• National Housing Survey Shows Declining Homebuying Sentiment (Fannie Mae)

Multifamily Markets and Reports

US apartment rent growth eases for first time since early 2024

CoStar: “Year-over-year multifamily asking rents rose just 0.9% in the three months ended June 30, . . . a drop from the 1.2% asking rent growth in the first quarter.” Looking beyond the scope of the report, rent growth as measured by CoStar has not been this low since Q3 of 2010.

• Who’s Still Working from Home in 2025? A Look at America’s Telework Trends (NAHB)
    
• Apartment Development in Opportunity Zones May Matter for Inflation (MSCI)
   
• Hottest Rental Markets in the US at the Start of Moving Season in 2025 (RentCafe)

Commercial Real Estate and the Macro Economy

Global Tech Markets 2025: Top Talent Locations

Via Colliers: “The global technology landscape is transforming at unprecedented speed, driven by AI adoption and fierce competition for top talent.”

• Investment Trends in Focus: Keeping Pace with the First-Half Market Reshuffle (MSCI)
   
• U.S. Hotels State of the Union July 2025 Edition (CBRE)
   
• Retail Market Statistics | Q2 2025 (Colliers)

Other Real Estate News and Reports

Private Capital Benchmarks: Q1 2025

Via MSCI: “Dry powder declined again and hovered at a decade-low share of capitalization, potentially indicating twin dynamics of a slowdown in fundraising and an increase in capital calls.”

• Tracking CRE Delinquency Trends: Insights from the Great Financial Crisis to Q1 2025 (CRED iQ)
    
• The Office Sector’s Double Whammy (Moody’s Analytics)
   
• One Big Beautiful Bill’s Passage Launches New Tax Era For CRE (Bisnow)