U.S. job growth was better than expected for May, but there were 279,000 fewer jobs created during the first five months of 2025 compared to 2024. That has likely been one of the reasons occupancy rates have not rebounded in many markets the way we expected them to this year...

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Heading into the summer, most multifamily markets showed significant improvements compared to a year ago. At that point, rent growth was still deteriorating and supply had yet to peak in many markets. While effective rent growth is far from robust in most places, it's positive in most places.

While effective rents were still below last year's level in several markets at the end of May, the year-over-year declines were typically much milder.

At a national level, effective rents were up 0.9% from a year ago and the occupancy rate was 93.7%. Markets such as Chicago, Seattle, and Washington, DC outperformed the U.S. benchmark for both metrics...

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Last year, weekly traffic for multifamily properties peaked during the first week of May at a national level, and it appears the pattern could be repeating again in 2025. Traffic counts have been down slightly in the last two weeks, and they are back to levels from early March.

In 2024, the U.S. occupancy rate peaked approximately eight weeks after traffic began to decline, which is not surprising since traffic is a leading indicator...

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Annual effective rent growth was 0.8% for the U.S., and the average occupancy rate was 93.67%. While multifamily performance has certainly improved in many markets compared to a year ago, improvements in the national average have somewhat stalled since the beginning of leasing season...

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The latest U.S. jobs report was stronger than expected, especially given the generally economic uncertainty often echoed by media reports. While there are a few caveats to the report, the positive tone should not have been too surprising given the recent performance for multifamily.

U.S. annual effective rent growth was 0.9% for the latest week, but many markets and submarkets have returned to growth rates of at least 3.0%. Annual wage growth was 3.8% in April, which should help rent growth normalize as supply and demand become balanced in more locations...

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Multifamily operational performance remained steady from the prior week and showed no signs of demand being impacted by headlines about the economy.

Nationally, effective rents were up 1.0% from the prior year and the average occupancy rate was just under 93.7%.

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Annual effective rent growth for multifamily increased slightly to 1.0% for the U.S. average. Occupancy checked in just above 93.7%.

This week's report also details how job growth expectations have changed for 2025, which could impact demand for housing this year.

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Tariffs have dominated headlines. In this week's report, we cover the recent developments and how they could potentially impact demand for multifamily housing...

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