U.S. Multifamily Housing 2026: Trends and Predictions

January 29, 2026

As the multifamily industry looks toward 2026, investors are keeping a close eye on shifting economic conditions, evolving renter demand, and a changing supply pipeline. Forecasts and research across the industry suggest that the investment performance of U.S. multifamily housing in 2026 will be increasingly influenced by local market dynamics, moderating supply, and long-term demand fundamentals.

Below are the predictions from top industry leaders:

PwC and ULI 2026 Report

• PwC and ULI point out that limited development of mid-market housing, for sale or rent, has tightened vacancy rates in these subsectors. The concentration of new apartment supply on the high end of the market leaves fewer options for moderate income households and has pushed down investment prospects for luxury properties.

For details, visit PwC and ULI: Emerging Trends in Real Estate® 2026 Report

RealPage Year-End Analysis

• According to RealPage’s chief economist Carl Whitaker,  “despite the influx of approximately 500,000 new units delivered in 2025, strong wage growth and cooling inflation have supported robust absorption, However, RealPage sees an undersupply challenge beginning to reemerge as early as late 2026, given that new starts activity has fallen to its lowest level since 2012 due to elevated interest rates and construction financing challenges.”

For details, view RealPage's year-end analysis: Structural Drivers Remain Strong to Support Long-Term Rental Housing Demand

Colliers 2026 Commercial Real Estate Outlook Report

• Colliers forecasts that strong renter demand and high home prices will drive multifamily housing occupancy gains in 2026 and set the stage for improving rent growth in 2027 and 2028.

For details, view the Colliers report: 2026 Commercial Real Estate Outlook Report

Cushman Wakefield's Trend Report

• Cushman Wakefield says multifamily demand is set to come in 30% higher than its 10-year average in 2025, supported by high mortgage rates, scarce for-sale inventory, and ongoing affordability pressures that favor renting.

For details, view Cushman Wakefield's trend report: Top Trends Across Cushman & Wakefield’s Multifamily Portfolio

NAA 2026 Insights

• National Apartment Association research chief George Ratiu describes 2026 as a period where the multifamily market begins to stabilize after the recent supply surge.

For details, visit the Multi-Housing News article: What Will Shape Multifamily in 2026?

Marcus Millichap 2026 Outlook

• Marcus Millichap notes that if job creation and consumer sentiment improve, high home prices and limited rental construction could lead to a relatively quick improvement in multifamily performance.

For details, view Marcus Millichap's research brief: 2026 Multifamily Outlook

Yardi Multifamily Outlook 2026

• Yardi Matrix predicts that as the favored sector for most commercial property investors, multifamily has abundant capital for acquisitions and the momentum in transaction activity seen in the second half of 2025 is likely to continue.

For details, view the Yardi Matrix report: U.S. Multifamily Outlook - Winter 2026

Many of these themes were explored further in our recent webinar, where Jay Parsons unpacked what today’s data means for housing demand, new supply, and market resilience. Access Beyond the Headlines: Real Talk on the Essential Housing Market recording here.