The outlook for multifamily real estate remains largely positive throughout 2025, even amid ongoing interest rate uncertainty.
Moody’s projects asking rents will grow 2.7% this year nationally, while vacancy rates reach 6%. But real estate is a local game. Our commercial real estate professionals share multifamily trends and opportunities in top apartment markets across the country.
Northeast
Boston
Boston’s resilient multifamily market continues to attract capital, driven by strong workforce demographics and sustained demand for apartments. Robert Keenan, Regional Sales Manager at Chase, shared trends and opportunities for multifamily investors to watch in 2025.
New York
The New York multifamily market expects increased transaction volume in 2025, with continued demand for rent-stabilized assets. Brooke Richartz, Senior Regional Sales Manager at Chase, detailed market indicators driving this growth.
Washington, D.C.
Transactions are rebounding in D.C.’s multifamily market. James Tenret, Senior Regional Sales Manager at Chase, breaks down what’s driving deals, along with other D.C. trends and opportunities to watch in 2025.
Central
Chicago
The Chicago multifamily market enters 2025 with stable performance and balanced supply levels, said Matt Felsot, Senior Regional Sales Manager at Chase.
Minneapolis
Minneapolis’s multifamily market benefits from moderating development activity, indicating healthy fundamentals in 2025, said Matt Felsot, Senior Regional Sales Manager at Chase.
West
Denver
Denver’s robust multifamily fundamentals offer compelling reasons for optimism as the market adapts to a surge in new apartment supply, said Catherine Murphy, Client Manager at Chase.
Los Angeles
Los Angeles’ multifamily market faces new challenges following the January wildfires, but its dynamic, diverse economy continues to support strong multifamily demand. Lynnette Antosh and Matthew Krasinski, Senior Regional Sales Managers at Chase, shared trends and opportunities to watch this year.
Orange County
Orange County’s multifamily market demonstrates resilience, particularly in the workforce housing segment, where vacancies remain exceptionally low. The full impact of the January wildfires in nearby Los Angeles is still being assessed.
Portland
Portland’s multifamily market continues to benefit from a growing population and a young, educated workforce. Sara Rosumny, Client Manager at Chase, shared trends and opportunities Portland investors to watch in 2025.
Sacramento
Sacramento is adapting to a significant increase in multifamily construction, but the supply boom’s end is in sight. David Diggs, Senior Regional Sales Manager at Chase, shares what Sacramento investors can expect ahead.
San Diego
The San Diego multifamily market is seeing strong, stable performance at the start of 2025. Antosh and Krasinski shared trends and opportunities for multifamily investors to watch—including why ADUs can be attractive.
San Francisco
Vacancies are falling in San Francisco, while transactions are picking up. David Diggs, Senior Regional Sales Manager at Chase, shares how higher interest rates are influencing the investment landscape.
Seattle
Transactions slowed in Seattle in the first half of 2024, but the multifamily market's strong fundamentals still offered investors opportunities, said Robert McGrouther, Client Manager at Chase. He shared Seattle trends, including an expected ease in new construction.
JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/commercial-banking/legal-disclaimer for disclosures and disclaimers related to this content.
