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.

Ivan Kaufman
CHAIRMAN | CEO
Ivan Kaufman has extensive experience operating a diverse array of real estate finance companies that spans four decades and numerous real estate cycles. He is currently the founder, chairman and CEO of Arbor Realty Trust, Inc. (NYSE:ABR).
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Executive Team
Head shot of John G. Caulfield Executive Vice President, Chief Operating Officer, Agency Lending
John G. Caulfield
Executive Vice President, Chief Operating Officer, Agency Lending
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Head shot of Paul Elenio Executive Vice President, Chief Financial Officer
Paul Elenio
Executive Vice President, Chief Financial Officer
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Head shot of John J. Bishar Executive Vice President, General Counsel
John J. Bishar
Executive Vice President, Senior Counsel and Corporate Secretary
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Head shot of Fred Weber Executive Vice President, Managing Director of Structured Finance & Principal Transactions
Fred Weber
Executive Vice President, Managing Director of Structured Finance and Principal Transactions
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Head shot of Gene Kilgore Executive Vice President, Structured Securitization
Gene Kilgore
Executive Vice President, Structured Securitization
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Head shot of John Natalone Executive Vice President, Treasury & Servicing
John Natalone
Executive Vice President, Arbor Realty Trust
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Howard Leiner
Executive Vice President, Chief Technology Officer
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Headshot of Steven Katz, Arbor Executive Vice President, Chief Investment Officer of Residential Financing
Steven Katz
Executive Vice President, Chief Investment Officer, Residential Financing
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William Connolly
Executive Vice President, Special Counsel
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Gianni Ottaviano
Executive Vice President, Structured Finance Production
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Daniella Muller
Executive Vice President, Human Resources and Associate General Counsel
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Headshot of Danny van der Reis, Executive Vice President, Structured Asset Management
Danny van der Reis
Executive Vice President, Servicing and Asset Management
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David E. Friedman
Executive Vice President, Chief Credit Officer and Head of Non-Agency Production & Syndications
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Maysa Vahidi
Executive Vice President, General Counsel
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Kevin Wachter
Executive Vice President, Asset Finance and Treasury
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