Here are 10 insights from the National Multifamily Housing Council’s (NMHC) annual meeting courtesy of John Burns Real Estate Consulting.
By Becca Kirby, Oliver Radvin, and Chris Nebenzahl
John Burns Real Estate Consulting
The consulting team reported that the meeting had a tone reflecting “broader uncertainties” about the direction of the multifamily market
“We’ve compiled 10 key insights from the event, highlighting shifting investor strategies, emerging trends, and evolving market dynamics that are shaping the future of multifamily real estate,” the consultants write from their visit to the National Multifamily Housing Council meeting.
10 insights from the NMHC meeting
1. Industry sentiment: uneasy and pessimistic
“Marking a departure from typically positive conference vibes, brokers expressed particular concern about market conditions and price discovery challenges.”
2. The rise of international players
“The investor landscape is shifting, with international investors and family offices becoming more prominent players. Traditional 3–5-year investment holds are becoming less viable, forcing investors to reconsider their strategies and expectations,” the consultants write.
3. Class B renters moving up
“The multifamily sector is experiencing a “trickle-down” effect where Class B renters are being pulled up into Class A properties due to heavy concessions, potentially creating riskier tenant profiles across property classes.
4. Insurance costs are a growing concern
“Larger companies are better positioned to handle insurance cost challenges. This dynamic should drive further consolidation among more prominent operators in the market.
5. Urban vs. suburban markets
“Some urban marketing have shown resilience however, “hybrid work continues to influence urban living preferences, with some cities seeing shifts in downtown residential demand due to office vacancy impacts.”
6. Focus on construction efficiency and growth
“Developers are actively focusing on reducing construction timelines and targeting pro-growth local government areas to make new developments financially viable. This has become crucial for making deals pencil in the current environment.
7. Distressed opportunities in 2025
“The anticipated wave of distressed multifamily assets remains elusive, with opportunistic funds now looking toward the second half of 2025 for potential opportunities from maturing loans. However, similar expectations have persisted since 2023.
8. Diverse market trends
“Regional performance shows varying trends, with the Midwest outperforming expectations, Sunbelt markets grappling with supply influx, and Northeast markets showing potential for growth based on rent-to-income ratios.
9. Price discovery was a major theme
“Cap rates for well-located assets are settling in the upper 4% range, while owners are prioritizing operational efficiency and tenant retention over aggressive rent growth strategies.
10. All eyes on build-to-rent (BTR)
“The BTR sector continues to gain traction within multifamily, drawing interest from key institutional players despite broader market uncertainties,” Becca Kirby, Oliver Radvin, and Chris Nebenzahl write in the report.
Read the full report and more insight from John Burns Real Estate Consulting here.
About John Burns Real Estate Consulting
John Burns Research and Consulting (JBREC) provides independent research and consulting services related to the US housing industry. Contact them here.
 annual meeting courtesy of John Burns Real Estate Consulting.){kind=link}