U.S. Multifamily Market Report | Berkadia | Q1 2026

Market Overview

‍The U.S. multifamily market maintained steady fundamentals heading into Q1 2026, with national inventory reaching 20,335,307 units following 366,846 deliveries over the trailing four quarters. Net absorption totaled 303,377 units over the same period, keeping pace with new supply and supporting an occupancy rate of 94.9%, down just 20 basis points year-over-year. Effective rents rose 1.7% year-over-year to $1,864 per unit, a $32 gain, reflecting continued renter demand despite elevated new supply. On the employment side, the U.S. labor force stood at 158,637,000 jobs, up 0.2% year-over-year, with 260,000 jobs added over the trailing 12 months, while total households grew 1.1% to 133,471,500, adding 1,447,500 households over the same period. Taken together, steady job growth and household formation continue to underpin multifamily demand at the national level as the peak of the supply cycle begins to moderate.

‍About Berkadia

‍Berkadia is a leading commercial real estate company and a joint venture between Berkshire Hathaway and Jefferies Financial Group, offering mortgage banking, investment sales, and servicing across the multifamily and commercial real estate sectors. Their quarterly national multifamily reports provide institutional investors, operators, and lenders with a comprehensive view of U.S. market conditions, tracking inventory, absorption, rents, occupancy, employment, and household formation trends to support investment strategy and underwriting decisions. To read the full report, click here.