Apartment Operators Survey
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Clarity in a complex market
The latest Zelman Apartment Operators Survey indicates that multifamily fundamentals remain in a period of moderation. Rent growth continued to decelerate in November, with blended rent growth falling to its lowest monthly level since January 2021. Weakness was spearheaded by negative new move-in rent growth, which was consistent with commentary surrounding weaker-than-normal traffic and front-end demand. More promisingly, renewal rent growth improved sequentially, and operators demonstrated efficient expense management and kept turnover at historically low levels.
Three key insights stand out:
- Demand softness persists, led by negative new lease rent growth, though tenant turnover remains at historically low levels, helping support occupancy stability.
- Rent growth has slowed more than expected, but sequential improvement in renewal rent growth suggests a potential floor may be forming.
- Expense management remains disciplined, with operators demonstrating efficiency and maintaining margin stability despite softer pricing power.
With renewal strength improving, turnover contained, and cost control holding firm, the market may be setting up for a gradual, uneven recovery.
Download the full report for detailed data, regional rankings, and operator commentary on the forces shaping these trends.
