Market Stadium Report

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.

If you thought rent growth had cooled, think again. Over the past six months, Tampa, FL (+62%) has emerged as the fastest-growing rental market in the US, driven by an extraordinary +200% surge in Studio rents. Other strong performers include Appleton (WI), Deltona (FL), and Savannah (GA), showing consistent rent growth across both small and large unit types.

According to recent analysis by Realtor.com and Parcl Labs, many single-family homeowners are shifting from selling to renting amid rising mortgage rates, economic uncertainty, and a slower buyer market. Unable to fetch their desired prices, more owners are choosing to rent out their homes rather than sell at a discount.

Where do the biggest multifamily deals actually happen? And more importantly—what kinds of assets are trading hands? From Rust Belt bargains to Sunbelt momentum, the past five years of sales paint a telling picture of how investors are placing their bets.

Market Stadium introduces the Multifamily Demand & Supply Index — a simple, equally weighted score (0–100) that benchmarks U.S. metros.