It's been a long two years of record multifamily construction. The impact on supply and, as a result, vacancy and rent growth rates are well-discussed in commercial real estate circles.

But as 2025 approaches, there is also the expected slowdown and end of the expansion — over the next 12 to 18 months, according to Moody's. That should mean a chance for vacancies to lower and rental rates to rise, the latter rising to 3% per annum in 2025 and 2026.

Moody's has been following and forecasting where the greatest opportunities for rent growth might be. They expect the Southwest to offer the best rent growth of 3.4% in 2025. Northeast is second at a 3.3% rate. The Midwest would be an expected 3.0%. South Atlantic is second to the last at 2.9%, while the West comes in after the others at 2.2%. The overall rate for the US will be 3.1% if Moody's is correct.