**NMHC Quarterly Survey Points to Improving Market Conditions**
Despite recent volatility stemming from U.S. trade policy changes over the past two weeks, the multifamily industry is showing signs of improvement, according to the National Multifamily Housing Council’s (NMHC) latest Quarterly Survey of Apartment Market Conditions.
The survey revealed positive movement in key areas with the Debt Financing, Sales Volume, and Market Tightness indices all exceeding the breakeven level of 50. Notably, the Market Tightness Index entered positive territory for the first time since July 2022, indicating increasing demand relative to supply. The Equity Financing Index scored just below the breakeven mark at 49, with NMHC noting that sentiment varied depending on whether respondents completed the survey before or after the April 2 tariff announcements.
“We typically describe our Quarterly Survey as a snapshot in time of apartment market sentiment,” said Chris Bruen, NMHC’s economist and senior director of research. “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, Bruen noted that this particular survey period was unusual due to significant market volatility, especially regarding trade policy and fluctuations in the financial markets. He added, “The rise in the 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.”
The report indicates growing resilience in the multifamily housing sector, suggesting a cautiously optimistic outlook for the months ahead.
