
| Financial Model, Real Estate |
| Financial Modeling, Financial Planning, Free Financial Model Templates, Market Studies, PDF |
Why this study
The US rental-housing market is at an inflection point. A record supply wave in 2024-2025 pushed vacancy to ~8.2% and flattened rents – and now deliveries are falling off a cliff, down to roughly 350k-440k units in 2026, the lowest since around 2014. This study gives financial modelers and investors a complete, sourced assumption set for underwriting US multifamily and build-to-rent over 2026-2031, integrating both segments in one document.
What you get
- A 34-page Word/PDF study with 12 EFM-branded charts and 11 data tables.
- The supply-cliff narrative: completions from the 2024 peak through the 2026 trough and the absorption inflection.
- Rent-growth and vacancy forecasts (national and by region) with a 2026-2031 base case.
- Cap-rate and valuation analysis against the 10-year Treasury, plus an equity-IRR sensitivity to rent growth and exit cap.
- The 2026 debt-maturity wall (~US$162bn multifamily) and FHFA’s raised Fannie/Freddie purchase caps (US$176bn).
- A dedicated build-to-rent and single-family-rental track: institutional capital, starts, occupancy, rents, and operators.
- Three scenarios to 2031 (Bear 25% / Base 50% / Bull 25%) with explicit rent-growth and vacancy outcomes.
- Regulation that reshapes the operating model: the DOJ-RealPage settlement, statewide rent control, and LIHTC expansion.
Key findings
- The 2026-2027 supply cliff – not demand – is the defining feature; absorption sustainably overtakes deliveries from the second half of 2026.
- Capital-market stress is the dominant near-term risk, concentrated in 2021-2022 value-add deals facing the maturity wall.
- Build-to-rent has moved from niche to institutional asset class and is the segment’s clearest secular growth.
- Policy (RealPage, rent control, LIHTC) now shapes the operating model as much as the macro cycle.
Who it is for
Financial modelers and project-finance analysts (primary); multifamily and BTR investors and developers; lenders and credit investors; corporate strategy teams; and students of the sector.
Methodology and sources
Built from CBRE, PwC/ULI, RealPage, Yardi Matrix, NMHC, NAA, John Burns Research & Consulting, the US Census Bureau, the FHFA, Fannie Mae and Freddie Mac, MSCI, and company filings. eFinancialModels uses AI-assisted research and drafting tools alongside human research, source verification, and editorial review; every claim, statistic, source, chart, and recommendation was reviewed and verified before publication. Forward-looking statements are labeled and reflect analyst judgment.
Pair it with a template
Translate the findings into property-level cash flows with the real estate financial model templates at eFinancialModels.com: https://www.efinancialmodels.com/real-estate-financial-model-templates/
This study is for informational and educational purposes only and is not investment, financial, legal, or tax advice. Conduct your own due diligence.
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