Multifamily construction has slowed over 47%, easing supply glut and boosting renter demand, especially in growth markets like Denver, Phoenix, and Austin. Values have bottomed or nearly bottomed, attracting investors as prices fall below replacement cost. Apartment sales rose 9% in 2025, with stable cap rates. Experts expect multifamily values to grow more broadly by 2027 as supply declines and economic growth supports rent stability.
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