Apartment Operators Survey
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Clarity in a complex market
The latest Zelman Apartment Operators Survey reveals that multifamily fundamentals have hit pause. Occupancy has slipped to a new survey low of 93.2%, and blended rent growth decelerated for the first time this year. Still, operators are cautiously optimistic about improvement ahead.
Three key insights stand out:
- Occupancy weakness may be bottoming out as new supply eases and tenant turnover stabilizes.
- Rent growth has stalled earlier than expected, but operators forecast a gradual rebound with 2.4% growth over the next 12 months.
- Operating expenses remain at historic lows, providing margin stability even as pricing power softens.
With competition from new lease-ups declining and cost control holding firm, the market may be setting up for a slow but steady recovery.
Download the full report for detailed data, regional rankings, and operator commentary on what’s driving these trends.
