The U.S. multifamily market continued to settle into a normalized cycle, despite ongoing uncertainties surrounding the global economy and labor market. There is a rising tide of optimism for the sector ahead and investors are continuing to take advantage of market opportunities.

Market-Based Approach to Direct New Affordable Housing Policy
Continually challenged by low inventory, affordable housing sits at a crossroads following the 2024 election. Incoming leadership plans to introduce market-based principles to an agenda that may also include an expanded Housing Choice Voucher program. Arbor’s Affordable Housing Trends Report Winter 2024/2025, developed in partnership with Chandan Economics, provides insight into a pivotal multifamily sector about to embark in a new direction.
Key Findings:
- The direction of federal affordable housing policy is yet to be determined as new leadership is set to assume control in Washington, D.C. in January 2025.
- California voters rejected a ballot measure in the November 2024 election that would have implemented statewide rent controls.
- The Republican Party’s full-year 2025 budget proposal shows that the incoming administration is in favor of expanding the Housing Choice Voucher program.
- Annual affordable housing completions have been forecasted to peak next year at more than 70,000 units and then drop considerably over the next several years.