Market Stadium Report

To assess near-term housing pressure, we compared 2024–2025 growth in home sales prices (condo, single-family) with multifamily rent growth across the top 50 U.S. metros.

As rent affordability becomes an increasingly important factor for both renters and investors, we mapped the top 50 U.S. metros based on 2025 Rent-to-Income Ratios (RIR) and their year-over-year percentage change. Using percentile scores for both metrics, the metros fall into four quadrants that highlight where rent pressures are rising, easing, or stabilizing.

As expectations for gradual interest rate cuts grow, the U.S. multifamily market is entering a transition period. Over the past three years, elevated rates led to a broad slowdown in transaction activity, while a large wave of post-pandemic approvals is set to deliver significant new supply over the next three years.

According to The Real Deal, “10,000 Americans turn 80 every day.” This demographic surge raises an important question: Which U.S. metros are positioned to benefit most from both rising 65+ populations and accelerating rent growth? We analyzed projected YoY growth rates from *2025–2028* across the 50 largest U.S. metros to map the intersection of aging demographics and rental fundamentals.

Markets aren’t just about where they stand today — it’s about how fast they’re shifting. A metro that looks weak on the surface might be turning around underneath, while a “hot” market could already be running out of steam.

An analysis of where capital really flowed — and what that means for the upcoming OZ 2.0. This analysis focuses only on multifamily transactions that occurred inside Opportunity Zones within each metro, not total metro-level sales. In other words — we measured how active each metro’s OZ areas truly were, not just how big the metro itself is.

Across the top 50 U.S. metros, multifamily conditions are evolving under the weight of sustained construction pipelines.

Before rents cool, cranes move. This week, we mapped every major U.S. metro across two key development metrics: -X-axis: 6-month building permits (5+ units) -Y-axis: Construction pipeline expected to complete within 2 years

Before cranes rise, the paperwork tells the story. Market Stadium tracked a six-month rolling-sum of building permits, averaging month-over-month changes to pinpoint markets where development momentum is building fastest.