The multifamily market looks forward to strengthening fundamentals in 2025 as the apartment supply wave recedes while housing demand remains consistently high. Recent tariffs may not change these dynamics in the near-term, but higher materials and construction costs could move the market from a supply wave into a supply shortage, bringing rent growth much closer to historical averages after ~18 months of below-average rent growth.

Sources discussed in this episode:

New York Times: “Tariffs in Trumps second term in office” Updates: https://www.nytimes.com/live/2025/03/04/us/tariffs-us-canada-mexico-china

Bisnow: "25% Tariffs On Mexico, Canada Begin, Complicating CRE Outlook”: https://www.bisnow.com/national/news/commercial-real-estate/trump-to-implement-25-tariffs-on-mexico-canada-128313

US News and World Reports: “How Will Trump's Tariffs Affect Homebuyers?” - https://realestate.usnews.com/real-estate/articles/how-will-trumps-tariffs-affect-homebuyers

Apartment List: National Apartment Report, Feb. 2025 (1st monthly apartment market report that we’ve covered in a while): https://www.apartmentlist.com/research/national-rent-data

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