NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require the member's nar.realtor login.
Multifamily Trends
May 2026 Commercial Real Estate Market Insights (National Association of REALTORS®, May 2026)
“U.S. multifamily demand stayed above historical norms in April 2026 despite a 22% annual decline in absorption. Deliveries slowed 23% but still outpaced demand, narrowing the supply gap. Vacancy dipped to 8.5% and rent growth reached 0.4%. Class C led rent growth at 0.9%, while NYC, Dallas-Fort Worth, and Phoenix each absorbed 20K+ units. Source: NAR analysis of CoStar data.”
Multifamily Fundamentals Stabilize as Market Demand Diverges (Multi Housing News, Apr. 24, 2026)
“U.S. multifamily fundamentals are firming, as the market moved past the peak of the recent supply surge. The national vacancy rate rose to 6.8 percent in the first quarter, up 30 basis points from a year earlier. While the vacancy rate remains elevated, the relatively modest increase indicates that upward momentum has plateaued as absorption improves. Rent performance tells a similar story. Asking and effective rents increased 0.6 percent quarter-over-quarter, lifting average effective rents to $1,825 per unit. Although growth remains subdued following late 2025 softening, current trends support stabilization rather than a renewed acceleration in rents.”
All Real Estate is Local: Commercial Real Estate Market Trends by Metro Area (National Association of REALTORS®, Apr. 6, 2026)
“In commercial real estate, the national story only goes so far. Market conditions can look very different from one metro to the next, and that makes local context especially important for REALTORS® trying to understand where the market is heading. The interactive map below brings the bigger picture into focus by showing how office, multifamily, industrial, and retail fundamentals are playing out across the country, while also allowing readers to zoom in on their own area and explore key indicators, including net absorption, asking-rent growth, and vacancy. It offers a practical way to spot broad regional trends, identify local outliers, and better understand how individual markets compare with the rest of the country.”
10 Multifamily Trends Shaping 2026—And What They Mean for Operators and Investors (Forbes, Apr. 6, 2026)
“The U.S. multifamily market may be entering a more normalized and competitive phase. In 2021, national rent growth reached double digits as post-pandemic mobility and remote-work migration boosted demand, while 30-year mortgage rates fell below 3%, fueling strong investment activity. By March 2026, the 30-year fixed-rate mortgage averaged about 6%, down from the 7% to 8% peaks reached in recent years. According to a 2026 "Emerging Trends in Real Estate" report by Urban Land Institute and PwC, the sector also faces structural uncertainty from rising construction costs, moderating population growth and a gradual path toward lower interest rates that keeps the cost of capital elevated.In this environment, performance increasingly depends on operational execution rather than market tailwinds, emphasizing cost discipline, occupancy management and asset-level fundamentals.”
U.S. Multifamily Reports (Cushman & Wakefield, 2026)
“Multifamily demand cooled in the first quarter, with net absorption totaling 65,200 units, down from nearly 100,000 one year ago. Even so, demand was broadly in line with the long-run historical first-quarter average of 64,000 units, suggesting a relatively healthy start to the year despite a macroeconomic backdrop of limited job growth and weak population gains. Renter household formation remains resilient, supported by longer-run demographic trends, including a surge in single-member households and persistent affordability constraints in the for sale market. Occupancy conditions stabilized in the first quarter, though performance varied meaningfully by asset class. National vacancy was essentially unchanged QOQ and is up just 15 basis points (bps) over the past year, masking a clear bifurcation in the market. Renters continue to favor newer, high-quality product. Class A vacancy declined roughly 80 bps over the past year as renters trade up in quality, while Class B and C vacancy increased by a similar magnitude. Despite normalizing demand, Sunbelt markets continued to lead the nation in absorption. Phoenix accounted for nearly 10% of total U.S. absorption in the first quarter, with approximately 5,800 units absorbed. Dallas/Ft. Worth (5,300), New York (4,500), Austin (3,700) and Charlotte (2,500) rounded out the top five markets.”
U.S. Real Estate Outlook 2026 – Multifamily (CBRE, 2026)
“Labor market challenges, coupled with persistent inflation and relatively high interest rates, have weakened consumer sentiment and will weigh negatively on household formation and new multifamily leasing activity in the first half of 2026. Despite multifamily vacancy rates largely stabilizing nationwide, year-over-year rent growth is expected to continue lagging pre-pandemic levels in 2026 due to economic headwinds and the large amount of new supply that remains available for lease, particularly in the Southeast, South Central and Mountain regions. Longer term, we expect these regions to outperform for job creation, inbound migration and multifamily performance, all of which will support future investment activity. The overall multifamily vacancy rate should continue to fall as more units are absorbed.”
Multifamily Homes: Types and Trends (National Association of Home Builders)
“From young families just starting out to empty-nesters looking to downsize, multifamily homes are an increasingly popular option for U.S. households. According to a 2019 survey conducted by the American Housing Survey and the U.S. Census Bureau, approximately 43.9 million residences, or 31.4% of housing in the U.S. today, are multifamily. These spaces include apartment buildings, condominiums, townhouses and mixed-use developments.”
Investing in Multifamily Property
Apartment Investment Market Index® (FreddieMac)
“The Freddie Mac Multifamily Apartment Investment Market Index® (AIMI®) can help you determine how the relative value of investing in multifamily properties in select major metros, and nationally, has changed over time. We've created a video tutorial to help guide users through key features of the tool.”
The Benefits and Risks of Investing in Multifamily Properties (Forbes, Sep. 29, 2023)
“As with any type of investing, investing in multifamily real estate carries risks you should consider. A few of these risks include market fluctuations that impact rental income and property values; complex property management tasks; potential financing challenges; compliance with housing regulations; tenant-related issues; and market oversaturation. You'll also need to consider ongoing maintenance costs and the need for adequate insurance and liability protection.”
Multifamily Investing 101: Strategies, Metrics, and Processes for Portfolio Success (LoopNet, Jan. 9, 2026)
“Multifamily investing means buying properties with two or more rental units. This strategy lets investors earn income from several tenants at once. It also helps reduce risk because a vacancy in one unit is offset by others. By owning these properties, investors build a diversified portfolio that generates steady cash flow. This guide offers a practical framework to help you analyze deals, manage operations, and boost returns throughout the core phases of multifamily investing.”
Property Management
What is a Property Manager? (The Balance, Nov. 30, 2022)
“Property managers are hired to handle the operations, maintenance, and administration of property rentals for an owner. Their work, among many other tasks, includes marketing rentals and finding renters, ensuring rental rates are competitive while covering taxes and overhead, collecting rent, and complying with rental laws.”
Generative AI for Property Managers: A Beginner’s Guide (National Association of REALTORS®, Mar. 31, 2026)
“Property managers have long used technology to improve efficiency. Generative AI (GenAI) enables a growing range of efficiencies that reduce time spent on administrative functions, allowing managers to redirect that time to higher-value work. AI adoption for property management jumped from 20% in 2024 to 58% in 2025, according to Buildium’s 2026 State of the Property Management Industry Report. Find some best practices by James Scott, director of the Real Estate Transformation Lab at MIT’s Center for Real Estate, who recently shared his expertise and insights on the use of GenAI in property management during a webinar hosted by the Institute of Real Estate Management.”
Useful Websites
Appfolio (Property Manager) — Sells property management software, and shares perspectives and best practices to help manage your property management business
Marketing and Leasing: Multifamily Properties (NAR.realtor) — NAR’s education matrix
Multi-Housing News — Provides current news and statistics about the multi-housing industry
National Apartment Association — A trade association for the apartment housing industry
National Association of Residential Property Managers® — A trade association for residential property managers
National Multi Housing Council — Provides a forum for insight, advocacy and action for members and the community
Multifamily Biz — Provides current news about sales, construction and the multifamily industry
Books, eBooks & Other Resources
eBooks.realtor.org
The following eBooks and digital audiobooks are available to NAR members:
The Complete Guide to Buying and Selling Apartment Buildings (eBook)
The Complete Guide to Real Estate Finance for Investment Properties: How to Analyze and Single-Family, Multifamily, or Commercial Property (eBook)
Complete Landlord and Property Managers Legal Survival Kit (eBook)
Happy About Apartment Management: 30 Years of Expert Tips and Advice on Multifamily Property Management (eBook)
Multifamily Housing (eBook)
The Multifamily Millionaire Volume II (eBook)
Opportunities in Property Management Careers (eBook)
Rich Dad's Advisors®: The ABC's of Property Management (eBook)
Streetwise Landlording & Property Management (Audiobook, eBook)
What Every Landlord Needs to Know: Time and Money-Saving Solutions to Your Most Annoying Problems (eBook)
Books, Videos, Research Reports & More
As a member benefit, the following resources and more are available for loan through the NAR Library. Items will be mailed directly to you or made available for pickup at the REALTOR® Building in Chicago.
Field Guide for Practical Apartment Management (Chicago, IL: Institute of Real Estate Management, 2015) HD1394 .F48 2015
The CompleteLandlord.com Ultimate Real Estate Investing Handbook (Hoboken, NJ: Wiley, 2009) HD 1382.5 L49
Buy It, Rent It, Profit! : Make Money as a Landlord in Any Real Estate Market (New York, NY: Simon & Schuster, 2009) HD 1394 C39
The Complete Guide to Buying and Selling Apartment Buildings (New York, NY: John Wiley & Sons, 2005) HD 1377 B46
Practical Apartment Management (Chicago, IL: Institute of Real Estate Management, 2005) HD 1394 In7pr Ed. 5
The New No-Nonsense Landlord: Building Wealth with Rental Properties (New York, NY: McGraw-Hill, 2003) HD 1394 J76
Have an idea for a real estate topic? Send us your suggestions.
The inclusion of links on this page does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked in this page complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.
