The Intelligence That Creates the Edge

The ROAD Act Becomes Law

The 21st Century ROAD to Housing Act is law. MMG breaks down its new limits on large institutional single-family owners and what they mean for SFR and BTR.

2026 Mid-Year Multifamily Investor Pulse Survey

MMG's mid-year 2026 survey of multifamily investors: where sentiment, buying appetite, and pricing expectations stand heading into the back half of the year.

2026 NMHC Top 50 Report

MMG reads the 2026 NMHC Top 50: who the largest apartment owners and managers are, and what rising scale and concentration mean for the multifamily market.

Cracks in Private Credit: What the Stress Signals Mean for Multifamily Investors

MMG RESEARCH Cracks in Private Credit: What the Stress Signals Mean for Multifamily Investors – MMG Real Estate Advisors Cracks in Private Credit What the Stress Signals Mean for Multifamily Investors May 2026 Mounting redemption pressure and high-profile downgrades are rattling the private credit market. For multifamily, the story may be more opportunity than risk. The Cracks Are Getting Harder to Ignore For the better part of three years, private credit was the darling of institutional and retail investors alike. Drawn in by yields that comfortably beat public market alternatives, capital poured in at a pace that turned a niche ...

Where AI Hits Home

MMG RESEARCH Where AI Hits Home: What the Data Actually Says About Renters and Markets – MMG Real Estate Advisors Where AI Hits Home What the Data Actually Says About Renters and Markets May 2026 A new study from Anthropic and fresh Brookings research help us move past the AI headlines and into what the data actually says about renter exposure, adaptive capacity, and market-level risk. This is Part 2 of our AI and multifamily series. In July 2025 we laid out the thesis: generative AI is coming for white-collar work, and if jobs evolve, so does housing demand. The ...

Opportunity Zones 2.0

The One Big Beautiful Bill Act (OBBBA), signed July 4, 2025, converted the Opportunity Zone (OZ) program from a temporary incentive into a permanent feature of the tax code. This report takes a look at the key policy differences between Opportunity Zones 1.0 and 2.0.

2026 BTR – SFR State of the Market

Over the past decade, the Build-to-Rent (BTR) and broader Single-Family Rental (SFR) sectors have progressed from an “emerging alternative” into a scaled, institutional-grade component of the U.S. rental ecosystem—positioned between conventional multifamily and for-sale housing.

The January 2026 Jobs Report & 2025 Benchmark Revisions: What Changed, Why It Changed & How to Read the Surprise

MMG RESEARCH The January 2026 Jobs Report & 2025 Benchmark Revisions: What Changed, Why It Changed & How to Read the Surprise Executive Summary The January 2026 Employment Situation report from the Bureau of Labor Statistics (BLS) delivered two headline shocks at once: a stronger-than-expected +130,000 gain in total nonfarm payrolls and a large downward re-benchmarking of 2025 payroll history that materially reduced the perceived pace of hiring last year. BLS’s annual benchmark process, which aligns survey-based payroll estimates with more complete unemployment-insurance records via the QCEW, produced a −898,000 downward revision to the seasonally adjusted March 2025 level (−0.6%). ...

U.S. Population Growth in 2025: National Slowdown, Regional Shifts & State-by-State Trends

Evaluating the Domestic Migration trends of 2023.

The AI Playbook for Multifamily Operators

MMG RESEARCH The AI Playbook for Multifamily Operators Which AI tools have proven to be most beneficial to NOI and what platforms are best? Introduction It is no secret that artificial intelligence has rapidly shifted from a novelty to a necessity in multifamily operations. Nearly all apartment owners and managers now plan to implement AI tools, with 99% of industry survey respondents either already using AI or intending to start. This surge in adoption is driven by AI’s clear and proven ability to enhance property revenue and profitability. An executive survey from EliseAI found that 77% of operators using AI ...

Other Income in Multifamily: The Revenue Lever That Matters More in 2026

MMG RESEARCH Other Income in Multifamily The Revenue Lever That Matters More in 2026 Introduction Across many U.S. apartment markets, rent growth has shifted from a dependable tailwind to a variable and, in some submarkets, a headwind. Operators are navigating the final phase of an outsized new-supply cycle, heightened resident price sensitivity, and a more concession-prone leasing environment. In that setting, “other income” has moved from a secondary budgeting line to a primary operating lever. The strategic objective is straightforward: protect net operating income when asking rents are flat or declining by expanding recurring, value-backed revenue streams that are not ...

2026 Multifamily Investor Pulse Survey

The multifamily industry enters 2026 at an important transition point. To better understand how industry stakeholders are positioning for the year ahead, we conducted our 2026 Multifamily Pulse Survey across a broad cross-section of owners, operators, developers, and investors. The survey is designed to capture both near-term operating expectations and longer-term conviction, with sections spanning the macro outlook, fundamentals, expenses, capital availability, and investment strategy. The results are intentionally presented in a data-forward format. Our commentary provides context, but the findings speak for themselves.

2026 U.S. Economic Outlook

MMG RESEARCH 2026 U.S. Economic Outlook What the 12 Major Financial Institutions Expect Introduction Each year the largest Wall Street banks and global asset managers publish their outlooks for the coming economic cycle. These reports shape how institutional investors position portfolios and how economists think about the year ahead. For 2026, the core themes are clear: steady growth, a cooling labor market, a more accommodative Federal Reserve and continued AI-driven productivity gains. This roundup summarizes the 2026 U.S. outlooks from twelve of the most influential firms: Goldman Sachs, JPMorgan, Morgan Stanley, Bank of America, U.S. Bank, Wells Fargo, UBS, Barclays, ...

Where Incomes Rise, Rents Follow

MMG RESEARCH Where Incomes Rise, Rents Follow Navigating Income Growth Hotspots as the National Median Income Flatlines Nationwide Incomes Have Stalled, Young Adults Impacted the Most Recent data show that U.S. household income growth has essentially flatlined. The Census Bureau reports that the median household income was $83,730 in 2024, statistically unchanged from $82,690 in 2023. That’s a 1.3% year-over-year increase, well below the ~3% inflation rate, meaning the average household lost purchasing power in real terms. This stagnation is widespread but hits younger workers—the cohorts most likely to rent—especially hard. Younger millennials and Gen Z in their 20s have ...

The 2026 CRE Refinancing Wall: Opportunities in Multifamily Distress

Evaluating the Domestic Migration trends of 2023.

Maximizing LIHTC Potential: Today’s High-Value Markets

Steadily rising median incomes have caused market rents and LIHTC caps to converge in many markets. This shift creates an opportunity for developers and investors to achieve higher revenues while still meeting affordability goals, improving project feasibility and making new LIHTC development more attractive even in high-cost environments.

Plains States Economic Development & Multifamily Market Insights

The Midwest is in the middle of a structural investment cycle anchored by semiconductors, AI-ready data centers, advanced manufacturing, life sciences, and large-scale civic infrastructure.

U.S. College Enrollment Decline: Key Drivers & Regional Bright Spots

Evaluating the decline in U.S. college enrollment over the last decade.

Southeast on the Rise

The Southeast U.S. is experiencing an unprecedented wave of capital investment, with companies building new factories, data center campuses, and logistics hubs across the Sun Belt. An analysis of the region’s largest announced projects shows $264.7 billion in total investment, expected to generate about 150,349 jobs. This pipeline is concentrated in EV battery manufacturing, clean energy infrastructure, data centers, aerospace and defense, and transportation logistics. Research from the Building Industry Association, University of Wisconsin, and NAHR finds that each new job typically supports an additional 1.5 residents in the local population. As a result, multifamily housing demand is closely tied to job creation, and this surge in industrial and infrastructure development is set to drive the next wave of apartment demand in both major metropolitan areas and smaller manufacturing corridors.

Is Multifamily Construction Rebounding?

Evaluating the Domestic Migration trends of 2023.

2025 Mid-Year Multifamily Investor Pulse Survey

We’re pleased to share the results of MMG REA’s Mid-Year 2025 Multifamily Pulse Survey—a timely check-in on how multifamily professionals are navigating today’s dynamic market environment. This edition captures insights across a wide range of topics, including macroeconomic conditions, capital market trends, operational challenges, and investment outlooks for the remainder of 2025.

Mapping the AI Divide: What Defines a Resilient Multifamily Market?

MMG RESEARCH Mapping the AI Divide: What Defines a Resilient Multifamily Market? In our previous blog, we examined the broad implications of how generative AI could reshape renter demand across the multifamily sector. Today, we’re taking a closer look at the market characteristics that may distinguish future “winners” from “losers” in this evolving landscape. Identifying the AI-Resilient Markets Markets that thrive in the AI-driven economy will generally share several key characteristics: CLICK TO EXPAND EACH CHARACTERISTIC 1. Strong Tech and Innovation Ecosystems Regions with robust tech infrastructure and a vibrant innovation ecosystem, including universities, research hubs, and a cluster of ...

Why is Rent Growth Moderating?

Evaluating the Domestic Migration trends of 2023.

Rethinking Renter Demand in the AI Economy

MMG RESEARCH Rethinking Renter Demand in the AI Economy If you’ve been paying attention to the generative AI space over the last couple of years, you’ve probably picked up on a recurring theme: AI has the potential to upend the labor market and economy. Leaders in the industry aren’t shy about their outlook with many believing AI is poised to reshape the labor market in fundamental ways. As multifamily professionals, we can’t ignore how that might trickle down to the very renters who fill our units. This wave appears different than other technological paradigm shifts. Unlike prior rounds of automation ...

One Big Beautiful Bill

Tax & Policy Changes Every CRE Investor Should Know

When Rates Turn: How Shifts in Monetary Policy Shape Apartment Capitalization Rates

The MMG Research Team is pleased to announce the availability of the When Rates Turn: How Shifts in Monetary Policy Shape Apartment Capitalization Rates, 2025 Market Insight Report.

Capital Rotation from Equities to U.S. Commercial Real Estate

The MMG Research Team is pleased to announce the availability of our 2025 Capital Rotation from Equities to U.S. Commercial Real Estate Market Insight Report.

Metros with Greatest Supply-Demand Imbalances

Evaluating the Domestic Migration trends of 2023.

Population Growth Hotspots

MMG RESEARCH Population Growth Hotspots U.S. Metro Areas to Watch in 2025 and Beyond Introduction As population shifts reshape the U.S. landscape, certain metro areas are emerging as the clear winners in terms of growth and momentum. Between 2023 and 2024, data shows that the Sun Belt continues to dominate, while major coastal and northern cities show signs of recovery. This blog dives into the metros leading the charge in both numeric and percentage population growth, explores regional trends, and identifies which markets present the strongest investment opportunities. Top Metro Areas by Population Gain (2023–2024) Largest Numeric Gains The top ...

The Priorities & Preferences of Today’s Renters

MMG RESEARCH The Priorities & Preferences of Today’s Renters As renter demographics continue to evolve, so do their preferences and priorities. Understanding what today’s renters value is crucial for making informed investment decisions, whether as an owner or prospective investor. The 2025 Apartments.com annual renter survey, conducted in January, gathered insights from 20,000 Americans planning to move into rental units this year. These findings provide a clear view of renters’ top priorities as they navigate the opportunities and challenges of today’s housing market. Where Are They Relocating To? The majority of renters planning to move prefer to stay within their ...

2025 BTR – SFR State of the Market

In recent years, the Build-to-Rent (BTR) and Single-Family Rental (SFR) sectors have become a dynamic and integral part of the U.S. rental housing landscape. This report examines the sector’s evolution, current landscape, key demographic drivers, affordability challenges in the for-sale market, emerging development trends, and investment opportunities shaping its future.

Trump Tax Cuts 2.0

MMG RESEARCH Trump Tax Cuts 2.0 Extending the Tax Cuts & Jobs Act and Introducing New Incentives For Businesses In February 2025, the U.S. House of Representatives passed a budget resolution (H. Con. Res. 14, 119th Congress) aimed at reducing taxes substantially for American households and businesses. Known informally as “Trump Tax Cuts 2.0,” this resolution provides a legislative framework rather than a detailed tax plan, establishing broad fiscal guidelines for Congress. Although Republicans and the Trump administration have not yet released specific legislation, the resolution outlines potential tax and spending changes designed to stimulate economic growth. A key part ...

Opportunity Zones 2.0

MMG RESEARCH Opportunity Zones 2.0 Opportunity Zone Optimism Reignites The Opportunity Zones (OZ) incentive, established under the 2017 Tax Cuts and Jobs Act (TCJA), has been instrumental in fostering economic development in underserved communities, attracting over $120 billion in investments. Qualified Opportunity Funds (QOFs) have played a key role, financing over 200,000 residential units, with future projections suggesting totals could reach between 580,000 and 720,000. Despite these successes, uncertainty remains due to expiring provisions potentially impacting future investments. Opportunity Zones 101: Opportunity Zones (OZs), established by the 2017 Tax Cuts and Jobs Act (TCJA), incentivize private investments into economically distressed ...

The Household Formation Rebound

MMG RESEARCH The Household Formation Rebound In December 2024, the U.S. Census Bureau released updated data on household formation, shedding new light on shifting demographics and their impact on the housing market. As young adults increasingly move out of their parents’ homes, renter demand is rising—presenting key opportunities for multifamily investors. Understanding these evolving trends is critical to anticipating future rental market dynamics and investment strategies. Implications on Rental Market 1. Greater Renter Household Growth: The augmentation of household formation within the key renter age cohort should lead to more robust renter growth throughout the nation, even in some markets ...

Increasing Momentum for ‘Return to Office’ Expected to Influence Demand near Key Urban Centers

MMG RESEARCH Increasing Momentum for ‘Return to Office’ Expected to Influence Demand near Key Urban Centers Efforts to bring employees back to physical workplaces have increased over the past year. Many companies adopted hybrid or remote work during the COVID-19 pandemic, but recent federal government developments are pushing for a full return-to-office. What does this mean for multifamily housing demand near urban centers? How will vacancies, absorption, and migration patterns be affected? Private Sector’s Push Toward RTO A report by HRExchangeNetwork indicates that the private sector has led the charge on RTO mandates in the past year. High-profile organizations—Salesforce, Amazon, ...

Transforming Opposition into Opportunity

The MMG Research Team is pleased to announce the availability of our 2024 Multifamily Pulse Survey. Developed to provide valuable insights on how industry peers are navigating the dynamic business environment, this survey covers a wide range of topics including expectations for capital markets and operating conditions in the upcoming year, as well as acquisition strategies for 2024.

2025 Multifamily Market Pulse Survey

The MMG Research Team is pleased to announce the availability of our 2024 Multifamily Pulse Survey. Developed to provide valuable insights on how industry peers are navigating the dynamic business environment, this survey covers a wide range of topics including expectations for capital markets and operating conditions in the upcoming year, as well as acquisition strategies for 2024.

Trump’s Department of Governmental Efficiency: Implications for the U.S. Economy, Treasury Yields, and Investor Sentiment

MMG RESEARCH Trump’s Department of Governmental Efficiency: Implications for the U.S. Economy, Treasury Yields, and Investor Sentiment As multifamily real estate investors, staying ahead of macroeconomic shifts is essential for making informed decisions. With President Trump set to assume office in January after his November victory, his administration is advancing with a clear mandate to reduce government waste. The newly established Department of Governmental Efficiency (DOGE), a self-funded task force led by Elon Musk and Vivek Ramaswamy, aims to streamline government operations, eliminate wasteful expenditure, and enhance fiscal sustainability. If successful, DOGE’s initiatives could have far-reaching implications for the economy, ...

7 Key Themes Shaping the 2025 Multifamily Landscape

MMG RESEARCH 7 Key Themes Shaping the 2025 Multifamily Landscape As 2025 approaches, the multifamily sector is poised to transition from a period of uncertainty and rapid change to one characterized by greater clarity and balanced fundamentals. The turbulence of 2023–2024—marked by record deliveries, shifting interest rates, and economic volatility—set the stage for a more stable landscape in the year ahead. Investors can anticipate improved transaction activity, moderating vacancy rates, and more deliberate, strategic investment opportunities. In the following sections, we delve into the key themes that will define the multifamily market’s next phase of growth and opportunity. Investors Enter ...

Trending Amenity Feature Across New Apartments In 2024

MMG RESEARCH Trending Amenity Features Across New Apartments In 2024 Multifamily developers are always looking to stay ahead of what renters want in their next home. As 2024 is coming to a close, we took a deep dive into how developers are enhancing their properties to meet evolving renter preferences. Using data from Costar Analytics, we examined key features in newly built Class A, Conventional multifamily properties with 50 or more units across the United States. We observed what amenities were most popular in new constructions and how these offerings somewhat differ depending on building styles. The Most Common Amenities ...

2023 Domestic Migration Trends

Evaluating the Domestic Migration trends of 2023.

Leveraging Employment Trends for Multifamily Investment

MMG RESEARCH Leveraging Employment Trends for Multifamily Investments Job growth has been widely known as a key driver of multifamily demand for a long time now, with steady employment expansion generally supporting apartment absorption. However, studies show that this relationship is complex, varying widely across different periods and market. Hence, it’s impossible to deduce a universal job-to-demand ratio. Examining U.S. employment trends is essential for understanding potential shifts in multifamily demand. However, focusing on industry-and market-specific dynamics offers deeper insight into the relationship between job growth and housing needs, beyond simply looking at gross employment aggregates. MMG’s latest white paper, ...

2024 Analysis of Employment Expansion Trends

The MMG Research Team is pleased to announce the availability of our 2024 Analysis of Industry-Level Employment Expansion Trends Across Major U.S. Metros.

Beyond the Building Boom

Looking at the factors affecting the declining vacancy rate

2024 Mid Year Multifamily Market Pulse

The MMG Research Team is pleased to announce the availability of our 2024 Multifamily Pulse Survey. Developed to provide valuable insights on how industry peers are navigating the dynamic business environment, this survey covers a wide range of topics including expectations for capital markets and operating conditions in the upcoming year, as well as acquisition strategies for 2024.

H1 2024 Corporate Expansion Announcements

MMG RESEARCH H1 2024 Corporate Expansion Announcements: To Boost Local Markets and Multifamily Sector The first half of 2024 has been characterized by a significant number of corporate expansion announcements. Several leading firms are expanding their operations across the United States, fostering optimism and yielding substantial advantages for local and regional economies. Key expansion initiatives announced since the beginning of the year include: Tech Giants: Companies like Google and Microsoft are expanding their campuses in New Albany, Lancaster, and Columbus, OH, as well as La Porte and Northwest Indiana, creating thousands of new tech jobs and attracting top talent nationwide. ...

A Look at Postelection Economics

MMG Research explores the intricacies of the upcoming election by examining historical "post-election bump" patterns, a phenomenon typically marked by positive impacts on the stock market.

The Reshaping of Renting vs Owning Trends in the U.S.

Unveiling the Generational Dynamic of the Changing Landscape of Housing Preferences in the United States.

Multifamily Construction Dips

MMG RESEARCH Signs of Declining Construction Activity in Early 2024 Following one of the largest inventory expansions in multifamily history, the broader U.S. multifamily housing market is entering a transformative period, as the latest Census Bureau data reveals a noticeable contraction in construction starts and permitting activity. The seasonally adjusted annual rate (SAAR) of multifamily starts in March dropped by 21% compared to February, falling to 290,000 units, a significant 44% lower than the same month a year ago. Additionally, permitting levels fell 22% year-over-year, totaling 433,000 units. [table id=416 /] In the first quarter of 2024, the U.S. multifamily ...

Biden’s Proposed Housing Plan and Budget for 2025

MMG RESEARCH Here Is What the November 2024 Elections Mean for the Multifamily Sector Biden’s Proposed Housing Plan and Budget for 2025 As the November elections draw near, the focus sharpens on President Biden’s housing plan and budget for 2025, announced in his State of the Union address. Promising a historic investment of $258 billion, the plan is designed to ease inflationary pressures across the housing market. Here, we delve into the specifics of this plan and assess its potential ripple effects across the market-rate apartment segment. We also consider the impact to multifamily owners and investors, as well as ...

The Multifamily Advantage in the Great Plains

Analysis of the construction, rent growth and occupancy trends that make the Great Plains an ideal destination for multifamily investors.

Three Midwest Markets Where Vacancy Has Declined in 2024

Looking at the factors affecting the declining vacancy rate

2024 Multifamily Market Pulse

The MMG Research Team is pleased to announce the availability of our 2024 Multifamily Pulse Survey. Developed to provide valuable insights on how industry peers are navigating the dynamic business environment, this survey covers a wide range of topics including expectations for capital markets and operating conditions in the upcoming year, as well as acquisition strategies for 2024.

Market Outlook for 2024: A Year of Opportunities

To evaluate the regions where inflation accelerated most rapidly, we analyzed the latest Consumer Price Index for All Urban Consumers (CPI-U) from the Bureau of Labor Statistics, comparing the percent change from Jul 2022 to July 2023, across 23 major metropolitan areas.

Mapping the Future of Microchip Manufacturing in the U.S.

The MMG Research Team has analyzed the economic impact of emerging Microchip Manufacturing developments on multifamily housing across the US. Click to read our interactive report on our findings.

The US Needs To Build 1.9M New Units Needed By 2030

The US Needs To Build 1.9M New Units Needed By 2030 According to a comprehensive forecast by WeAreApartments.com, in collaboration with the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA), the United States is on the cusp of a significant housing challenge. To meet the escalating demand for rental accommodations, an estimated 1.9 million new apartment units will need to be constructed by the end of this decade. Our research delves deeper into these projections, focusing on the anticipated demand for apartment housing in key markets by 2030. This aligns with the initial assessment presented by WeAreApartments.com ...

Renter Hotspots of 2023

Renter Hotspots of 2023 Several factors are contributing to the surge in renter households in major urban centers. First and foremost, these cities serve as economic hubs with thriving job markets, attracting a diverse population from across the country. For many, renting offers an immediate entry point into these coveted locations. Furthermore, the elevated cost of living often makes homeownership an elusive goal, even for those with stable employment. Finally, demographic trends, notably the growing number of young adults and millennials, are also influencing the shift; these age groups generally show a preference for renting over buying. What Is Driving ...

How Fast is Inflation Cooling Across Major US Cities

To evaluate the regions where inflation accelerated most rapidly, we analyzed the latest Consumer Price Index for All Urban Consumers (CPI-U) from the Bureau of Labor Statistics, comparing the percent change from Jul 2022 to July 2023, across 23 major metropolitan areas.

Navigating Multifamily Capital Markets – Insights and Analysis with Peter Linneman

EV Gigafactory Economic Analysis

The MMG Research Team has analyzed the economic impact of EV Gigafactory development on multifamily housing across the US. Click to read our interactive report on our findings.

2023 Investor Survey Report

The MMG Research Team is pleased to announce the availability of our inaugural 2023 Multifamily Pulse Survey. Developed to provide valuable insights on how industry peers are navigating the dynamic business environment, this survey covers a wide range of topics including expectations for capital markets and operating conditions in the upcoming year, as well as acquisition strategies for 2023.

2023 Apartment Market Outlook Webinar

MMG presents our 2023 Apartment Market Outlook Webinar in partnership with RealPage, the leading global provider of software and data analytics to the real estate industry. With actionable market intelligence to help you best navigate the coming year, watch this vital virtual conference on-demand here, and feel free to share with a colleague.

2023 Regional Performance Forecast

2023 Regional Performance Forecast Key themes we anticipate for the multifamily market in 2023 Go (Mid)West, Young Man The Midwest may now be the nation’s last bastion of rental affordability. Because of this, price-conscious renters have been attracted to the affordable housing options the Midwest offers. Although rent growth continues at a slow and steady pace, the Midwest rarely experiences the “boom and bust” cycles that Sunbelt markets experience. Savvy investors who are searching for stability in a challenging market are following cost-conscious renters. We anticipate that the typical flow from out of the Midwest into coastal areas may reverse ...

Three Reasons Why Class B Properties Could Outperform the Market in 2023

Class B properties seem poised to outperform the market in 2023

Midterms and the Rental Housing Industry

What the upcoming midterms mean for the Rental Housing Industry

Q/Q Rent Growth 3Q22

Markets holding up the best at the end of the 3Q are “slow and steady” Midwest & Gateway markets

Q3 Des Moines Multifamily Pulse

Analyzing multifamily trends in Des Moines, IA

St Louis Market Volatility

St. Louis Market Volatility Report                 Previous Next MMG Research MMG Press

Market Volatility

Analyzing historical rent and occupancy data

Monthly Payment Differentials

Lack of affordability drives multifamily retention rates

Multifamily Construction

Starts up 17.4% over last year, buoyed by solid demand for rental units

Asking Rent Growth (YOY)

Underlying demand fundamentals remain unchanged

US Rent Growth (YOY)

Apartment sector maintains more tailwinds than headwinds

Inflation Reduction Act

Carried interest provision would create new implications for real estate partnerships