Spring leasing season is here, and the multifamily market is starting to stabilize.

After reviewing recent REIT earnings, the industry is clearly shifting out of the supply shock phase. In 2025, the U.S. delivered over 547,000 units, but that wave is now fading as new construction starts drop sharply. Early 2026 data shows rents beginning to level out.

Performance is split. Coastal markets like San Francisco are seeing strong rent growth, while Sun Belt markets like Austin are still dealing with oversupply and declining rents.

In response, operators are focusing on retention. With mortgage payments still significantly higher than rent and turnover costing around $4,000 per unit, keeping residents has become the priority.

Most REITs are stabilizing and buying back stock, but one stands out. Aimco is liquidating its entire portfolio and returning capital to shareholders.

The takeaway is simple. Supply pressure is easing, location matters more than ever, and retention is driving performance.

Renting is no longer a stepping stone. In our latest episode of The Multifamily Review, we unpack new research on the rise of the "Deliberate Renter," why homeownership is losing its cultural pull, and the $4,000 cost of getting retention wrong in 2026. From the Upgrade Matrix to the Resident Disconnect, this is your roadmap for competing in a market where experience, not occupancy, drives performance.

Star ratings are no longer enough to win over today's renters. In this episode of The Multifamily Review, Marcus Armstrong explains how economic anxiety, review content, and AI-driven search behavior are creating the "Veto Effect" and reshaping leasing decisions in 2026. Discover why J Turner Research is redefining reputation measurement and what operators must do to stay competitive.