Key Highlights:
- Vacancy held at 5.3% in Q3 2025, showing resilient renter demand despite elevated — but slowing — new apartment completions.
- Rent growth softened, with average rents down 0.2% YoY, as operators prioritized occupancy amid increased supply competition.
- Apartment deliveries slowed to ~153,000 units in Q3; supply is forecast to decline further in 2026–2027, easing pressure on fundamentals.
- Investment activity rebounded, with transaction volume up 21% QoQ and prices rising for a sixth straight quarter, led by Class A assets.
- Investor preference shifted towards Class A assets, which captured 56% of transaction volume as buyers favored newer, high-quality properties over Class B and C.
