After several years of headwinds, including unprecedented levels of new supply, multifamily may be finally bottoming out. Supply is getting absorbed and new deliveries are declining. As new household formation continues to emerge, and home prices remain out of reach for most new home buyers, rental demand and rents will continue to increase. The long-term outlet is promising. As a result, multifamily accounts for 50% of large institution’s real estate allocation. Mark Hamilton, founder of Hamilton Zanze, manages over 25,000 residential units, making him one of the top fifty multifamily operators in the country.