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Multifamily REITs signal a coming turning point as supply pipeline begins to shrink

Construction slowdown offers hope for landlords that they may soon be able to raise rents
Atlanta's skyline at sunset. Atlanta has shown early signs of recovery according to REIT executives, but Sun Belt markets still face a long road back as supply overhang and concessions weigh on prospects for resuming rent growth. (Jason Buch/CoStar)
Atlanta's skyline at sunset. Atlanta has shown early signs of recovery according to REIT executives, but Sun Belt markets still face a long road back as supply overhang and concessions weigh on prospects for resuming rent growth. (Jason Buch/CoStar)
CoStar Analytics
November 11, 2025 | 5:30 P.M.

The third-quarter earnings season for publicly traded multifamily real estate investment trusts concluded last week, and the REITs sent a clear signal in their earnings calls and presentations: the U.S. apartment market is at a pivotal juncture.

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