The story of multifamily in 2026 is a tale of two timelines. Today's operators are absorbing the largest wave of new deliveries in a generation. But the pipeline behind that wave has quietly evaporated.
Concessions near a peak
Free-rent offers and aggressive lease-up pricing dominate the Sun Belt, yet the math is shifting. With starts down sharply, the supply overhang has a clear expiration date.
The pain is real, but it is finite — and the smart money is already underwriting the recovery.
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