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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Carrie Wilkens

Director

Carrie Wilkens, Ph.D., is a psychologist with over 25 years of experience in the practice and dissemination of evidence-based treatments for substance use and Post-Traumatic Stress. She is the Co-Founder and Clinical Director of the Center for Motivation and Change (CMC), a large private group practice of clinicians serving all ages in New York City, Long Island, Washington, D.C., San Diego, CA, and CMC: Berkshires, a private, residential program for adults. Dr. Wilkens is the co-author of the award-winning book, Beyond Addiction: How Science and Kindness Help People Change — a practical guide for families dealing with substance problems in a loved one, and The Beyond Addiction Workbook for Family and Friends: Evidence-Based Skills to Help a Loved-One Make Positive Change. She is also Co-President and CEO of the CMC: Foundation for Change, a non-profit with the mission of improving the dissemination of evidence-based ideas and strategies to professionals and loved ones of individuals struggling with substance use. Prior to CMC, Dr. Wilkens was a Project Director on a large federally funded Substance Abuse and Mental Health Services Administration (SAMHSA) grant in addition to working as an executive consultant with WJM Associates. She is regularly sought out by the media to discuss issues related to substance use disorders and has been on the CBS Morning Show, Fox News, the Katie Couric Show, frequent NPR segments, and a guest on over 30 podcasts, including “Ten Percent Happier” with Dan Harris. She also appeared in the HBO documentary “Risky Drinking.” Dr. Wilkens is a member of the Association for Behavioral and Cognitive Therapies and the American Association of Addiction Psychiatry.

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