MMG’s mid-year 2026 survey of multifamily investors: where sentiment, buying appetite, and pricing expectations stand heading into the back half of the year.

The One Big Beautiful Bill Act (OBBBA), signed July 4, 2025, converted the
Opportunity Zone (OZ) program from a temporary incentive into a permanent
feature of the tax code. This report takes a look at the key policy differences between Opportunity Zones 1.0 and 2.0.

Over the past decade, the Build-to-Rent (BTR) and broader Single-Family Rental (SFR) sectors have progressed from an “emerging alternative” into a scaled, institutional-grade component of the U.S. rental ecosystem—positioned between conventional multifamily and for-sale housing.

The multifamily industry enters 2026 at an important transition point. To better understand how industry stakeholders are positioning for the year ahead, we conducted our 2026 Multifamily Pulse Survey across a broad cross-section of owners, operators, developers, and investors. The survey is designed to capture both near-term operating expectations and longer-term conviction, with sections spanning the macro outlook, fundamentals, expenses, capital availability, and investment strategy. The results are intentionally presented in a data-forward format. Our commentary provides context, but the findings speak for themselves.

The Midwest is in the middle of a structural investment cycle anchored by semiconductors, AI-ready data centers, advanced manufacturing, life sciences, and large-scale civic infrastructure.

The Southeast U.S. is experiencing an unprecedented wave of capital investment, with companies building new factories, data center campuses, and logistics hubs across the Sun Belt. An analysis of the region’s largest announced projects shows $264.7 billion in total investment, expected to generate about 150,349 jobs. This pipeline is concentrated in EV battery manufacturing, clean energy infrastructure, data centers, aerospace and defense, and transportation logistics. Research from the Building Industry Association, University of Wisconsin, and NAHR finds that each new job typically supports an additional 1.5 residents in the local population. As a result, multifamily housing demand is closely tied to job creation, and this surge in industrial and infrastructure development is set to drive the next wave of apartment demand in both major metropolitan areas and smaller manufacturing corridors.

We’re pleased to share the results of MMG REA’s Mid-Year 2025 Multifamily Pulse Survey—a timely check-in on how multifamily professionals are navigating today’s dynamic market environment. This edition captures insights across a wide range of topics, including macroeconomic conditions, capital market trends, operational challenges, and investment outlooks for the remainder of 2025.

The MMG Research Team is pleased to announce the availability of the When Rates Turn: How Shifts in Monetary Policy Shape Apartment Capitalization Rates, 2025 Market Insight Report.

The MMG Research Team is pleased to announce the availability of our 2025 Capital Rotation from Equities to U.S. Commercial Real Estate Market Insight Report.

In recent years, the Build-to-Rent (BTR) and Single-Family Rental (SFR) sectors have become a dynamic and integral part of the U.S. rental housing landscape. This report examines the sector’s evolution, current landscape, key demographic drivers, affordability challenges in the for-sale market, emerging development trends, and investment opportunities shaping
its future.