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.

General: 800.ARBOR.10

Home | Senior Team | Ken Dowling

Ken Dowling

Senior Vice President, Capital Markets
Headshot of Ken Dowling, Arbor Senior Vice President of Capital Markets

Ken Dowling oversees the closing and delivery of Arbor’s comprehensive and growing loan platform, as well as the capital markets side of Arbor’s agency business, where he is actively involved in the pricing and trading of the agency loans.

He began his career at Arbor in 2004 as Director of Operations and has performed a variety of functions in the department, most recently servicing as Vice President of Capital Markets. Prior to joining Arbor, Mr. Dowling held various accounting and financial analysis positions within the financial industry and also worked as a consultant implementing accounting systems.

Mr. Ken Dowling received a Bachelor of Business Administration in Accounting from Adelphi University.

Grow Your Career at Arbor

Arbor employs exceptional individuals with a strong foundation to achieve success in their career.

Careers