Articles

The Most Active Markets for New Multifamily Development in 2025

After the volume of multifamily permits fell nationally in 2023 and 2024, this year is on pace to be a year of stabilization for multifamily development. According to the U.S. Census Bureau, out of the top 100 largest U.S. metros by population, 47 had more multifamily permits through the first six months of 2025 than they did over the same period last year. Driven by strong underlying multifamily demand, attractive investment opportunities are leading to rebounding construction pipelines. As multifamily permitting rises, we explore the markets where new permits issued are most concentrated and where construction activity is gaining momentum.

Current Reports

Small Multifamily Investment Trends Report Q3 2025

Arbor’s Small Multifamily Investment Trends Report Q3 2025, developed in partnership with Chandan Economics, examines the factors behind the continued upward trajectory of the sector amid an ongoing capital markets recalibration. Several of its core performance metrics, including valuations, originations, and credit standards, have shown measurable improvement as a multifamily market-wide normalization takes shape. Supported by strong fundamentals, small multifamily stands tall despite economic uncertainty.

Analysis

U.S. Multifamily Market Snapshot — August 2025

The U.S. multifamily market stood on the cusp of a new cycle at the halfway point of 2025, as demand continued to be driven by favorable demographic trends and a structural need for housing.

Articles

Small Multifamily Continues Steady Price Growth

Small multifamily valuations realized positive year-over-year growth in the second quarter of 2025, demonstrating the sector’s ongoing resilience in an unsettled economic environment. Steady rent growth, improving operating expense ratios, and stable cap rates helped move price growth into positive territory.

Articles

Metro-Level SFR Rent Growth Trends in the First Half of 2025

Albany, NY, and many other affordable mid-sized metropolitan statistical areas (MSAs) outpaced the national rent growth average for single-family rental (SFR) properties in the first half of 2025, according to an analysis of Zillow’s Observed Rent Index, which tracks the 100 largest markets in the U.S.

Articles

Larger Buildings and Smaller Units: How New Multifamily Completions Continue to Evolve

Driven by high construction costs, land constraints, and rental affordability, developers are increasingly prioritizing smaller units in higher-density multifamily properties. Utilizing data from the U.S. Census Bureau’s annual Survey of Construction, the research teams at Chandan Economics and Arbor Realty Trust have analyzed how the characteristics of new multifamily properties continue to evolve.

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The ARBOR Team

Arbor’s team offers our clients decades of multifamily and commercial real estate expertise and experience that has lasted through every market cycle. Our track record of success is only surpassed by the unparalleled customer service and personalization we offer.

Management Team
Adam Bell
Managing Director, Chief Marketing Officer
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Tracy Dennis
Tracy Dennis
Managing Director, General Counsel, Agency and Arbor Private Label
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Daniel Dershowitz
Managing Director, Transactions
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Gary DeSimone
Managing Director, Finance
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Matthew Downs
Managing Director, Product Specialist, Non-Agency Loan Production & Syndications
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Maria Elefante
Managing Director, Treasury
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Ken Fazio
Managing Director, Sales Management
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Andrew G. Guziewicz
Managing Director, Chief Credit Officer, Structured Finance
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James Kresl
James Kresl
Managing Director, SFR Underwriting
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Charles Marino
Charles Marino
Managing Director, Servicing & Agency Asset Management
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Brian Murphy
Managing Director, Residential
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Ryan Nichols
Ryan Nichols
Managing Director, Chief Underwriter, Agency Lending
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Dustin Pevear
Managing Director, Director of Screening
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Jean-Laurent Pouliot
Jean-Laurent Pouliot
Managing Director, Senior Production Officer
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Giulio Rana
Managing Director, Structured Finance
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Peter Reisert
Managing Director, Capital Markets, Agency Lending
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John Richardson
Managing Director, Chief Credit Officer, Agency Lending
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Thomas Ridings
Managing Director, Chief Accounting Officer
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Leah Fisher
Managing Director, Special Projects, Governance and Risk
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Louis Sarube
Managing Director, Structured Asset Management
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Linor Shohet
Managing Director, Associate General Counsel
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Alexander Stangle
Managing Director, Screening and Portfolio Retention
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Ramandeep Walia
Managing Director, Solutions Delivery
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William Foster
Managing Director, Tax and Strategic Planning
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