Is 2026 Multifamily About Demand—or Leftover Inventory? | REAL ESTATE by REAL PEOPLE

Slide 1
Rents just slipped again—November marks five straight months of flat or falling apartment prices.

Slide 2
Average U.S. rent hit $1,706, the sharpest November drop in over 15 years.

Slide 3
Annual rent growth cooled to 0.7%, down from 1.5% earlier this year.

Slide 4
Seasonal slowdowns hit harder in 2025, but the worst momentum may be fading.

Slide 5
Hidden story: supply peaked, but leftover inventory keeps rents fragile heading into 2026.