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.
Research Reports
Small Multifamily Investment Trends
from Arbor & Chandan Economics
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Our Small Multifamily Investment Trends quarterly reports
are in-depth assessments of the key factors influencing small multifamily financing
and investment performance. Four times a year, this series identifies the
latest trends in underwriting, financing, cap rates, valuation, and more.
Small Multifamily Archives
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Asset Valuations Returned to Growth as Credit Conditions Continued to Improve
Asset Valuations Edge Higher as Credit Conditions Tighten
Asset Valuations Edge Higher as Credit Conditions Tighten
Pricing, Cap Rates, and Credit Conditions Show Improvement
Valuations and Cap Rates Stabilize as Fundamentals Support Growth
Cap Rates Push Higher as Underwriting Standards Stabilize