Where real estate meets rhythm | Developer, investor, live music enthusiast, and mountain seeker.

The multifamily market is seeing some intriguing shifts as we dive into the latest U.S. Census data. While permitting momentum varies across major cities, four key markets have found common ground in their multifamily permit volumes, indicating some intriguing future trends for developers and investors. Here’s a closer look at the numbers and what they mean for the landscape of multifamily real estate development in 2025. A Convergence of Four Key Markets In the year ending April 2025, multifamily permitting levels across Austin, Orlando, Phoenix, and Atlanta aligned in a tight range between 11,400 and 12,300 units. This convergence is notable for its consistency across diverse regions, but the trends within these markets tell a deeper story: Austin: The Texan tech hub saw the steepest drop, shedding nearly 8,000 units YoY. Despite its reputation as a booming tech and real estate hotspot, this decline signals a cooling off, potentially influenced by shifting tech industry dynamics or h...

When people think about hot real estate markets, Burlington, Vermont probably isn’t the first place that comes to mind. And that’s exactly why I’m so bullish on it. Quietly and consistently, Burlington and its surrounding towns are showing all the signs of a breakout market—and most developers are still asleep at the wheel. We’re not. We’re launching two new multifamily projects and one build-to-sell (BTS) community in the Burlington region. Here’s why we’re putting serious capital behind this area—and why I think more investors should take a closer look. Demand Is Strong. Supply Isn’t. The median home price in Burlington hit $555,000 this spring—up over 11% year-over-year. That’s not just appreciation; it’s a sign of limited inventory and serious buyer pressure. In April 2025 alone, the number of homes sold jumped by 185%, even as inventory only crept up by 22%. That’s a demand gap most developers would kill for. Burlington Has a Real Economy This isn’t a boomtown built on hype. Burli...

Olympics. Streaming. Studio space. All roads are pointing to Inglewood. Los Angeles is betting big on its media roots—and real estate is once again the foundation. Billionaire developer and LA Rams owner Stan Kroenke is breaking ground on Hollywood Park Studios, a 12-acre production campus that fuses Olympic prestige with long-term entertainment upside, all steps from SoFi Stadium. Part of the massive 300-acre Hollywood Park development, the studio project isn’t just about adding soundstages—it’s about anchoring an entire media, tech, and sports district in the heart of Inglewood. For developers and investors watching LA’s next act, this isn’t just a story about studios. It’s a story about transformation. A Studio Designed for Global Spotlight Here’s what’s coming to the SoFi Stadium campus: Five 18,000-square-foot soundstages An 80,000-square-foot office building for production and postproduction A mill facility for set construction and prop work Dedicated trailer and equipment infras...

We’ve all lived through it—2021 through 2023 were, in many ways, the glory days of multifamily development. Capital was flowing, interest rates were low, the remote work wave was at full strength, and cap rates compressed fast enough to justify just about anything. Banks were bullish. Tariffs were a distant memory. Even skyrocketing construction costs couldn’t stop deals from penciling because demand was simply that strong. For a while, it felt like every site was a winner—especially in the “cool” markets. Say no to a deal in Austin, Nashville, or Charleston, and you risked being labeled out of touch. The pipeline was overflowing. But as is often the case in real estate, when too many players rush into the same game, overbuilding isn’t far behind. Just take a look at new multifamily construction levels compared to U.S. population growth. Two things are immediately clear: We’re still building at rates comparable to the late 1990s and early 2000s—activity remains elevated. During the Glo...

By Daniel Kaufman Lately, a lot of folks have asked me the same question: Are we seeing signs that apartment demand is slowing down? My short answer: No. In fact, demand is stronger than ever. The numbers don’t lie. According to RealPage, Q1 2025 posted the highest first-quarter net absorption in over 25 years, with more than 138,000 units absorbed. CoStar puts the figure slightly lower at 128,000, calling it the second-best Q1 in the same time frame. Whether it’s #1 or #2 doesn’t really matter—what matters is that absorption this strong in Q1 is almost unheard of. For context, we typically expect this kind of leasing velocity in Q2 or Q3, when the market hits its seasonal stride. But this year, the demand hit early—and it hit hard. Where’s the demand coming from? All over. Texas remains red-hot, as expected, but strong leasing activity extended across the Sun Belt and into key metros on the East Coast, West Coast, and Midwest. The trailing-12-month absorption is now nearing 2021 level...

A 90-day tariff pause might sound like a win—but for commercial real estate pros, it’s far from a green light. President Trump’s temporary halt on new tariffs grabbed headlines, but let’s be real: the uncertainty hasn’t gone anywhere. A 10% duty still applies to most imports, and Chinese goods are getting hit with a whopping 125% rate. For developers, operators, and investors, that’s not exactly the clarity we’ve been waiting for. Construction Feels the Pinch Construction and development are still stuck in a wait-and-see cycle. Higher materials costs—from steel to fixtures—are already squeezing budgets. And with trade policy still up in the air, lenders and capital partners aren’t rushing to loosen the purse strings. The result? Slower project timelines, more conservative underwriting, and in some cases, paused deals entirely. For firms in the thick of ground-up development or major rehabs, the tariff pause is like putting a Band-Aid on a leak. Multifamily’s Silver Lining Interestingly...

For years, Florida has been the poster child for post-pandemic real estate booms. But today, that narrative is shifting. According to new data from Cotality (formerly CoreLogic), three Florida markets—Tampa, Winter Haven, and West Palm Beach—are at “very high risk” of home price declines in 2025. That doesn’t mean the Florida story is over—but it’s evolving. For developers and investors, this is a critical inflection point. What the Data Is Saying Cotality’s analytics show these metros have a 70% or greater likelihood of home price drops in the coming year, with key indicators flashing yellow: • Tampa: Median list price of $463,000, down 0.9% YoY and 1.6% since Q4 2024 • Winter Haven: Median list price of $305,000, down 0.9% YoY • West Palm Beach: Median list price of $369,500, down 0.5% YoY While these aren’t dramatic crashes, they reflect a cooling trend that savvy investors can’t afford to ignore. “What we’re seeing is a rebalancing after an overheated cycle,” says Daniel Kaufman, P...