Despite volatility stemming from changes in U.S. trade policy over the past two weeks that affected the outlook of multifamily industry executives, market sentiment captured in the National Multifamily Housing Council’s (NMHC’s) latest Quarterly Survey of Apartment Market Conditions largely pointed to improvements over the past three months.
The Debt Financing, Sales Volume and Market Tightness indices all came in above the break-even level of 50, with the Market Tightness index going into positive territory for the first time since July 2022. While the Equity Financing index came in at 49, NMHC said sentiment tended to vary depending on whether it came from survey respondents who submitted before or after the April 2 tariff announcements.
“We typically describe our Quarterly Survey as a sort of snapshot in time of apartment market sentiment,” said Chris Bruen, NMHC’s economist and senior director of research. “And, in doing so, we assume that any day-to-day changes that occur within the two-week survey period are negligible and not worthy of reporting.”
However, he continued, “This month was clearly atypical in the significant volatility we saw in both trade policy and financial markets. The rise in 10-Year Treasury Yield, specifically, appeared to negatively affect conditions for debt financing. Despite these disparities, conditions largely showed improvements compared to three months ago.”
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