Renting is no longer a stepping stone. In our latest episode of The Multifamily Review, we unpack new research on the rise of the "Deliberate Renter," why homeownership is losing its cultural pull, and the $4,000 cost of getting retention wrong in 2026. From the Upgrade Matrix to the Resident Disconnect, this is your roadmap for competing in a market where experience, not occupancy, drives performance.

Star ratings are no longer enough to win over today's renters. In this episode of The Multifamily Review, Marcus Armstrong explains how economic anxiety, review content, and AI-driven search behavior are creating the "Veto Effect" and reshaping leasing decisions in 2026. Discover why J Turner Research is redefining reputation measurement and what operators must do to stay competitive.

If you work in multifamily today—whether on-site or in the C-suite—you're feeling the pressure of the final and most intense phase of the supply wave. Elevated concessions, slowed rent growth, and fierce competition for residents are dominating the 2025 landscape. But while today feels heavy, the real story is already shifting beneath our feet.

The pipeline for new development has collapsed, with multifamily starts down more than 70% from their peaks and construction activity falling to levels not seen since 2012. High interest rates, insurance costs, and construction expenses didn't just slow development—they shut the factory down.

This sets the stage for a dramatic supply drought beginning in 2026. With completions projected to fall sharply over the next two years, analysts across CBRE, CoStar, Yardi Matrix and others agree: the shrinking pipeline will push rent growth back up as demand continues to outpace new supply. The operational pain of today is temporary—but your 2026 strategy needs to be built for a very different reality.