U.S. Capital Markets Multifamily Market Report | Colliers | Q1 2026

Market Overview

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The U.S. multifamily market entered Q1 2026 in a rebalancing phase, with national occupancy holding at 95.1% even as leasing momentum softened, with demand declining more than 67% from its post-pandemic peak. Construction starts slowed materially, improving pipeline visibility and signaling that new supply will taper through late 2026 as deliveries begin to catch up with absorption. Rent growth remained under near-term pressure with performance widening across markets as supply pipelines diverged, while distress emerged gradually from refinancing challenges rather than broad operating weakness, creating selective opportunities for disciplined capital.

‍About Colliers

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Colliers is a global real estate services and investment management firm operating across more than 60 countries. The firm offers comprehensive brokerage, capital markets, valuation, advisory, and research services. Their Q1 2026 U.S. multifamily capital markets report tracks occupancy, rents, absorption, deliveries, and investment activity to help owners, developers, and investors assess market conditions and timing. To read the full report, click here.