Avison Young：2025年第二季度美国多户住宅市场报告（英文版）（14页）.pdf

1、Page 1U.S.multifamily market report|Q2 2025U.S.multifamily market reportQ2 2025Page 2U.S.multifamily market report|Q2 2025Multifamily deliveries are expected to reach near all-time highs in 2025;by 2026,new delivery activity is projected to drop by 57.3%.As construction activity has begun to slow,ab

2、sorption levels are now on pace to surpass 2024 levels.Increased demand,coupled with slowed construction activity,has resulted in asking rent growth,increasing by 1.8%over the last two quarters.Major markets such as San Francisco,Manhattan,Chicago,and Silicon Valley have seen rents increase by 3%ove

3、r the last 12 months.Seattle and Phoenix led the U.S.for investment sales volume in Q2 2025,with over$1 billion of capital flowing into each market.Meanwhile,Dallas-Ft.Worth and Houston comprise almost 20%of multifamily loan maturities in 2026.average quarter-over-quarter(QoQ)decline in construction

4、 starts over last four quartersof major markets have seen rents increase by+1.0%in last 12 monthsincrease in H1 2025 sales compared to H1 2024+1.8%40.6%-10.4%U.S.multifamily market trendsPage 3U.S.multifamily market report|Q2 2025Lets examine prevailing multifamily trends.U.S.multifamily conditionsP

5、age 4U.S.multifamily market report|Q2 2025Multifamily construction activity and rents$2.32$0.00$0.50$1.00$1.50$2.00$2.500100,000200,000300,000400,000500,000600,000700,0002015201620172018201920202021202220232024202520262027New construction starts(units)Total units deliveredEffective rent psf(monthly)

6、Source:Avison Young Market Intelligence,CoStarNew construction starts have declined by a QoQ average of-10.4%over the last four quarters,while rents have started to see signs of growth,increasing by 1.8%since Q4 2024.Multifamily deliveries are expected to approach all-time highs in 2025;by 2026,new