RTO pressures and broader industry demand are offsetting declines in employment.

Leasing and absorption surged in the second half.

Kansas City, St. Louis and Columbus post some of the fastest sales time lines.

High occupancy, fast lease-ups and elevated renewal rates keep pressure on supply across major markets.

Retail absorption softened in Q1 2026, but constrained new supply continues to support rent growth.

New supply remains steady in 2026, yet smaller metros are seeing outsized inventory growth.

There is tighter underwriting discipline even as most property types remain unable to pencil accretive returns.

High ownership rates and rising care costs are encouraging older households to remain in their homes longer.