The U.S. multifamily market softened again in September, but the mid- to long-term picture remains positive. In an exclusive interview, Yardi Matrix Vice President Jeff Adler offers a comprehensive look at where multifamily stands after the third quarter and where it may be headed next.
MHN Senior Editor Alex Girda sat down with Adler to get his view on why the sector has held up better than headlines suggest—even after a wave of new deliveries concentrated in fast-growing Sun Belt and Mountain West markets, reflecting national multifamily development trends.
One surprise comes from renter behavior. Many households who might have acquired property in a different cycle are staying put, renewing leases and keeping turnover low—helping new supply find its footing, as new-lease trade-outs soften in some markets amid moderating multifamily rent growth. Bright spots include the Bay Area’s recovery from its post-pandemic slump and continued resilience in parts of the Northeast and Midwest.
Adler also walked through some of the crosswinds shaping demand, from labor market cooling to immigration shifts and demographics, aligning with recent multifamily market predictions from Yardi Matrix. He also explained why fundamentals might feel choppy for the next few quarters before finally settling.
The conversation also reveals how Yardi Matrix is expanding its coverage to reflect a more complex housing landscape. From modeling affordable revenue streams and parsing overlapping program rules to tracking SFR/BTR communities and embedding AI into operations, Adler lays out where better data can sharpen underwriting and even policy decisions.
Check out the interview on MHN’s YouTube channel and prepare for an insightful look at current trends shaping multifamily, from renter behavior and supply dynamics to policy levers.
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