US Multifamily Market Confidence Declines in Q4

According to the National Association of Home Builders (NAHB) Multifamily Market Survey (MMS), overall confidence in the market for new multifamily housing declined year-over-year in 2025Q4, even as the garden and low-rise segment continued to gain traction.

The Multifamily Production Index (MPI) posted a reading of 45 in Q4, down 3 points from a year earlier. The Multifamily Occupancy Index (MOI) registered 74, a 7-point year-over-year decline.

NAHB said multifamily developers are somewhat less optimistic than they were at this time last year, except in the garden and low-rise apartment segment. Gains in multifamily market share in outlying metro and non-metro counties—where garden and low-rise structures are more common—are likely to continue into 2026.