CRE now screens as "cheap" relative to stocks, with private-market pricing stabilizing.

Median asking rent increased 2% year-over-year to $1,895 — the slowest growth since 2020.

With 44 of the 50 largest metros now renter-friendly or balanced, investors face a reshaped landscape.

Transaction activity climbed 21% in 2025 as private and institutional buyers returned to the table.