Higher-for-Longer Rates Are Choking Apartment Supply, Setting Up a Multifamily Rent Rebound Before 2030

Federal Reserve rate hikes have cut U.S. apartment construction starts roughly in half while renter demand keeps running hot, a mismatch that rental housing economist Jay Parsons says could push rent growth above historical norms from 2027 through 2029 even as multifamily capital markets stay frozen.