North America Multifamily Market Report | Lee & Associates | Q1 2026

Market Overview

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In Q1 2026, North American industrial and multifamily sectors continued to slowly absorb a historic surge of speculative deliveries. Due to high development costs and terminal cap rates, national under-construction volume has fallen to multi-cycle lows. Apartment completions are forecast to drop 36% in 2026 to ~333,000 units, aiding the market's return to equilibrium. Tenant growth is weak and rent growth is nil, particularly across oversaturated South and Southwest markets, while the Midwest and Northeast remain balanced.

About Lee & Associates

Lee & Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Q1 2026 North America multifamily market report tracks absorption, completions, and rent growth to help clients optimize their portfolio decisions.To read the full report, click here.