The build-to-rent market is holding strong, with over 64,000 units currently under construction. Phoenix leads the charge, backed by continued momentum across the Sun Belt.
Debt pressures and lender exits are stacking up fast, with the commercial real estate market bracing for more pain.
CRE debt rose $46.8B in Q125, hitting a new high of $4.81T, says MBA.
Multifamily construction dropped 30% in May, but permits tell a different story.
A calmer credit environment may set the stage for moderate property value gains—even with policy noise in the background.
Cautious optimism is growing, but tight capital and policy risks are keeping CRE on edge.
Despite growing supply, Manhattan rents continue surging, fueled by demand and recent policy shifts.
Occupancy in stabilized Class A apartments hit 95.7% in May 2025—their highest level since June 2022.
These fees typically cost renters 10–15% of annual rent, but landlords are increasing rent to compensate.
