Multifamily Outlook Quarterly Report - Spring 2022

After 2021 ended on a strong note for the U.S. economy, stock market, incomes, and employment, 2022 brought new headlines: in January, inflation and announcements of monetary tightening, in February, the invasion of Ukraine—and we’re not even halfway through the year.

What does this all mean for the multifamily sector, and what’s ahead, especially after a period of historic growth?

We provide proprietary research, expert insights, and possibly some peace of mind in our Spring 2022 Multifamily Outlook.

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Context, forecasts, trends, and more

In good news for CRE investors, developers, and operators, the underlying fundamentals remain strong. Economic expectations are in line with a maturing economy. Real GDP growth is expected to remain robust at 3.2% in 2022, with unemployment remaining near currently low levels.

Focusing in on multifamily, revenue growth, returns, and multifamily development metrics are surging higher, and the national multifamily market is expected to remain stable in 2022 as new supply meets demand.

In this issue of the Multifamily Outlook, we:

• Analyze the state of the U.S. economy, from historical trends to what’s ahead
• Provide a rental market forecast from Zelman & Associates, the leading housing research firm in the country 
• Host a Q&A with Zelman & Associates Managing Director Peter Carroll about the Cristo Rey Corporate Work Study Program
• Take an in-depth look at Build-for-Rent, with guidance for navigating this booming space
• Spotlight the Nashville market, where innovation is turning Music City into a rising tech titan
• Check out the full Multifamily Outlook Report.

¹Philadelphia Federal Reserve Survey of Professional Forecasters, November 2021