The New Multifamily Normal: Rent Growth, Refinancing, and Risk

In this episode of Wealth Unfiltered, Paul Fiorilla, Director of Research at Yardi Matrix, joins us to break down the latest multifamily data trends and what they signal for investors heading into 2026.

Paul provides a data-driven perspective on supply, demand, and rent growth, offering clarity on how the recent wave of new deliveries is impacting market performance across regions and asset classes.

A central theme throughout the conversation is the importance of understanding market-level and submarket-level data. In today’s environment, informed decision-making grounded in real-time data is critical to identifying opportunity and managing risk.

Find Paul here:

LinkedIn: https://www.linkedin.com/in/paul-fiorilla-ab9a389/ 

Yardi Systems Profile Page: https://www.yardimatrix.com/About-Us/Key-Management/Paul-Fiorilla 

Learn More About Yardi Matrix here:

https://www.yardimatrix.com

Key Takeaways

  • Multifamily supply remains elevated in the near term, with new deliveries continuing to impact rent growth and concessions in select markets
  • Demand fundamentals remain resilient, supported by household formation and long-term housing shortages
  • Rent growth is expected to normalize as supply is absorbed, with stabilization projected into 2026
  • Performance is increasingly fragmented across markets, making submarket selection more important than ever
  • Data-driven insights are essential for identifying opportunities within oversupplied markets and positioning for long-term growth
  • Investors who focus on fundamentals rather than short-term noise are better positioned to capitalize on the current cycle