In a recent GlobeSt. article titled “Why Multifamily Rent Growth May See a ‘Measured’ Recovery,” David Ferber, Director and First Vice President at Matthews™, is featured as a leading authority on the shifting multifamily landscape. Drawing on his close tracking of national rent trends, David explains why the sector’s early-2025 slowdown is already giving way to a steadier, more sustainable recovery.

The article opens by highlighting the unusually sluggish first half of the year, where record new deliveries temporarily stalled rent growth. But as David points out, the multifamily market responded quicker than many expected. He explains how the market has seemingly adjusted quickly, noting that rents have already begun recovering heading into the second half of 2025. He adds that we’re seeing signs of early rent growth, reinforcing his view that the fundamentals remain firmly intact.

While momentum is returning, David emphasizes that this cycle will look very different from the sharp post-pandemic rent spikes. Instead, he calls today’s environment a more grounded, predictable phase. “The market is in a measured recovery,” he says. “There is likely not going to be explosive rent growth. This year, rents have started recovering, and slowly, the rent growth has been picking up again.”

Importantly, David underscores that some of this improvement isn’t fully captured in headline data. Many owners are now holding firm on pricing and removing concessions, which meaningfully improves real rent performance. This nuance, often missed in broader market reports, illustrates David’s practical understanding of how operators are navigating today’s conditions.

GlobeSt. also highlights David’s perspective on supply constraints, a defining factor in the years ahead. With construction costs elevated and financing more difficult to secure, he anticipates fewer deliveries in 2026. “Because of tariffs leading to higher construction costs, you’re going to see less projects coming to market,” David explains. Despite lighter supply, renter demand remains strong nationwide. “Next year there may not be as many units coming live, but the demand from renters will still be there. As a result, you’re going to continue to see rents grow.”

Looking beyond supply and demand, David points to a mix of external pressures and tailwinds, from declining interest rates to the potential for broader economic softening, that could shape rent performance going forward. Even with these variables, he maintains a constructive outlook, underscoring the sector’s resilience. The speed of the 2025 recovery, he suggests, is evidence of multifamily’s enduring strength and its ability to recalibrate quickly when fundamentals shift.

By weaving together data, operator behavior, and macroeconomic context, David provides GlobeSt. readers with a clear and grounded view of where the multifamily market is heading. His perspective positions him as a trusted, insightful voice for investors and owners looking to understand this new era of measured growth.

Read GlobeSt’s full article here for more insights.