Analysis

U.S. Multifamily Market Snapshot — September 2026

The U.S. multifamily market remains on stable footing in a mixed macroeconomic climate. Rent growth continued to trend upward through the second quarter, while apartment fundamentals remained resilient amid slowing employment growth and elevated vacancies.

Current Reports

Single-Family Rental Investment Trends Report Q3 2026

Arbor’s latest Single-Family Rental Investment Trends Report highlights how this commercial real estate sector performed resiliently in the face of adversity last quarter. Even as policy uncertainty created new headwinds, firm operating fundamentals drove SFR forward.

Articles

Build-to-Rent Activity Remained Elevated Amid Policy Uncertainty

Build-to-rent (BTR) development remained resilient in a complicated operating environment last quarter as production continued to normalize, according to newly released U.S. Census Bureau data. Despite political uncertainty, higher capital costs, and other headwinds, BTR maintained a historically high share of new single-family construction.

Articles

Where Multifamily Permitting is Intensifying and Accelerating

While national multifamily permitting stabilizes, the authorization of new apartment buildings with five or more units has become more heavily concentrated in smaller, rapidly growing metropolitan areas. From Durham, NC, to Fayetteville, AR, and Raleigh, NC, new U.S. Census Bureau data reveal where multifamily permitting was most concentrated and where it was accelerating fastest in the first half of 2026.

Articles

Small Multifamily Lending Volume Moves Steadily Higher

Small multifamily lending activity rose during the first half of 2026. According to the latest Small Multifamily Investment Trends Report from Arbor Realty Trust and Chandan Economics, originations on loans with original balances between $1 million and $9 million reached an annualized pace of $71.6 billion through the second quarter. At this pace, originations are running 2.8% above the $69.6 billion total for 2025, placing small multifamily on pace for a third consecutive annual increase.

Current Reports

Small Multifamily Investment Trends Report Q3 2026

Arbor Realty Trust’s latest Small Multifamily Investment Trends Report, developed in partnership with Chandan Economics, evaluates what’s driving this sector’s ongoing stability as macroeconomic conditions remain mixed. Loan originations rose last quarter, and valuations are rebounding, signaling that normalization is taking hold.

Articles

SFR Rent Growth Accelerated and Expanded in First Half of 2026

Single-family rental (SFR) conditions strengthened during the first half of 2026, with rents rising across all 50 of the nation’s largest metros between December 2025 and June 2026. Growth was broad-based but uneven, with many Northeast and Midwest markets outperforming major Sun Belt metros.

General: 800.ARBOR.10

Annette Givelekian

Managing Director, Human Resources
Annette

Annette Givelekian leads the firm’s human capital strategy and oversees all aspects of human resources. She is responsible for advancing organizational effectiveness, strengthening employee engagement, and aligning talent initiatives with the firm’s long-term business objectives.

With over three decades of experience, Ms. Givelekian is fully versed in all facets of human resources. She brings extensive expertise in performance management, employee relations, compensation, and leadership development, and has a proven track record of fostering high-performing, values-driven organizations. She also has deep specialization in design, administration, and governance of 401(k) and 409A compensation plans, ensuring regulatory compliance and alignment with broader business strategy.

Since joining Arbor in 1998, Ms. Givelekian has held a series of senior roles and has been instrumental in the company’s growth and evolution. She has played a key role in shaping Arbor’s culture and enhancing the overall employee experience. Prior to Arbor, Ms. Givelekian held human resources positions with several New York-based organizations, including MMT Sales, Inc., Sara Lee Bodywear, and Leveraged Technology, Inc.

Ms. Givelekian holds a Bachelor of Arts in Psychology from Stony Brook University and a Master of Business Administration from Adelphi University, where she graduated summa cum laude.

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