Predicting the potential impact of economic change on commercial real estate has become a larger challenge than usual. On the multifamily front, RealPage has said that recent economic developments "reflected positively" on apartment demand. Absorption in the third quarter was more than 192,000 units. Year-to-date, that's 488,000.

RealPage still expects strong demand to continue well into 2025, rising about 5% above the 2024 level.

But supply will continue high for the next 12 months. The firm expects more than 637,000 units to be delivered over the next 12 months. It expects the supply side will reflect the interest rate cut the Fed already delivered, and that the effects will continue into 2025. Any additional rate cuts would presumably have an additional effect.