David Shulman is a senior economist at the UCLA Anderson Forecast.

The multifamily market might be headed for a slowdown next year. According to a new economic letter from UCLA Anderson Forecast and UCLA Ziman Center for Real Estate, slowing job growth could hamper apartment demand and stall rental rates in 2020—and investors should start shifting investment strategies to react to the slowing economy.

“Job growth is going to slow down dramatically, and that will slow down demand,” David Shulman, senior economist for the Ziman Center and UCLA Anderson Forecast, tells GlobeSt.com. “The economy and the real estate industry has been used to 200,000 jobs a month gain on average. Even with the 75,000 jobs gain last month, we are still averaging 200,000. That [job growth] drives office demand and it drives apartment demand.”

The deceleration of job growth is more dramatic depending on the research. While the official estimate of job growth is 200,000 jobs added per month, Shulman says that it could currently be half of that. “In another report, we showed a dichotomy between the payroll survey and the household survey,” he says. “The household survey is different. It asks people in their homes if they are working or not working, and that is where the unemployment rate comes from. The household survey has only shown a gain of 100,000 per month over the past year. I think that 100,000 jobs per month is going to be a lot more normal than 200,000 jobs per month, and I think next year, it could be as low as 50,000 jobs per month.”