From Q1 to Q2 2025, multifamily fundamentals strengthened as net absorption rose from 12,282 to 12,720 units for the first time outpacing net deliveries. Private equity & institutional buyers emerged as the most active investor class, capitalizing on tightening fundamentals. With limited new construction in the pipeline, many investors are focused on establishing strong basis positions in anticipation of sustained demand. The market’s trajectory suggests ongoing absorption will continue to outpace new deliveries, creating favorable dynamics for long-term holders targeting income and appreciation in a supply-constrained environment.