New Report: Supply, Demand, and the U.S. Multifamily Housing Shortage

June 4, 2026

2026 could mark the beginning of a transition for U.S. multifamily investment. The supply wave has peaked, vacancy has stabilized, and new apartment starts have collapsed to a post-financial crisis low. To help investors navigate this evolving environment and the investment opportunities it creates, Grubb Properties’ latest white paper examines the key trends shaping the multifamily investment environment.

Read the full report

Supply, Demand, and the U.S. Multifamily Housing Shortage examines five key trends that favor multifamily rental property investment:

1. Why the “for sale” homes market has conspired to keep renters in place
2. How rising rental costs have tracked more closely with wage growth and helped preserve relative affordability compared to home ownership
3. The bifurcation of opportunities across key markets
4. How overinvestment in luxury housing suppressed investment in essential housing and workforce housing
5. Why an undersupply of new apartments will surface as early as 2027/2028

The report also offers two additional considerations for those interested in multifamily investing.

First is the importance of long-term commitment to resident experience, which has countered the disruption in oversupplied markets.

A second significant, yet underappreciated, issue is the growing divergence between government-reported construction data and private sector figures. This may give policymakers a false sense that the housing supply problem is being addressed and reduce the urgency for intervention when it is most needed.

Download Supply, Demand, and the U.S. Multifamily Housing Shortage to gain a deeper understanding of the factors influencing multifamily real estate and the potential implications for investor portfolios.
 

To learn about available investment opportunities, email us at privatewealth@grubbproperties.com.