There's a lot to be learned from third-party data sources in any area of CRE, including multifamily. But that is data available to everyone. Cushman & Wakefield gathered data from across the 182,000-unit portfolio of properties that it manages for clients. The company looked for key trends.

Briefly, they say the year started strongly. "The market has pulled back from the 2021 levels, but our portfolio's performance does not reflect recessionary conditions," they wrote. "We've noticed a rebound in trade outs, resilient occupancy, reduced concessions, and even better performance among the more than 8,000 units we manage in the build-to-rent (BTR) space."

Something surprising was that occupancies have held up so far, despite the increased supply from record deliveries in 2023 and 2024. "At the national level, the U.S. has seen occupancy continue to degrade—overall occupancy is down 130 basis points (bps) over the past year, while stabilized occupancy is down 65 bps," they wrote. Cushman & Wakefield said that its portfolio saw occupancy increase by 176 basis points, year over year.