Trimont U.S. Multifamily Market Tracker
Trimont Research’s U.S. Multifamily Market Tracker provides a comprehensive overview of multifamily commercial real estate (CRE) market conditions. The tracker is updated monthly and aggregates data from multiple sources, with direct links included in the descriptions below. We categorize the data into four distinct, but related, groups: rents, demand, supply, finance, that enable users to concisely analyze market conditions at the national and local levels. Each category should be viewed in the context of the others. The tracker also includes Trimont Research’s Market Activity Risk Matrix for additional insight.
Please note: Data in the tracker is available for viewing only and cannot be downloaded. For more information, please contact the Trimont Research Team at research@trimont.com.
- Share of Income Needed to Rent Map: Trimont Research produces a multifamily affordability metric for Core-Based Statistical Areas (CBSAs) nationwide by integrating actual and estimated median household income data with effective rent figures. This metric calculates the proportion of household income required to rent an apartment in each market, segmented by property class. Markets where the required share of income exceeds 30% are classified as “unaffordable,” in accordance with the U.S. Department of Housing and Urban Development (HUD) guidelines.
- Multifamily Affordability Chart: This chart enables users to track the share of household income required to rent an apartment by property class within a specific market over time. Housing decisions are often influenced by comparisons between rental and ownership costs. To provide a comprehensive perspective, Trimont Research incorporates data from the Federal Reserve Bank of Atlanta’s Home Ownership Affordability Monitor (HOAM).
- Household Formation Rates: Demographic trends serve as a fundamental driver of housing demand within a market. Trimont Research estimates household formation rates using data from a collaborative project between the U.S. Postal Service (USPS) and the U.S. Department of Housing and Urban Development (HUD).
- Renters’ Cost-of-Living Gap: The Economic Policy Institute’s (EPI) Family Budget Calculator provides valuable insights by estimating the income required to maintain a modest standard of living for families across all counties and metropolitan areas. EPI’s estimates allow for analysis of cost-of-living by household size. Trimont Research calculates the gap between household income and cost-of-living for various household sizes and visualizes these results on a map. Markets are shaded according to the magnitude of this gap, whether positive or negative. Markets with a substantial negative gap (where income is less than the cost of living) may experience heightened affordability challenges, particularly for larger households. Additionally, larger households may encounter increased competition for three-bedroom or larger apartments. Please note that EPI market definitions are based on Fair Market Rent (FMR) areas as defined by HUD, which may differ from the Office of Management and Budget’s current CBSA delineations.