Multifamily’s Momentum: Where Apartment Markets Are Delivering in
If you’re watching the apartment sector closely this year—and you should be—it’s clear that multifamily is having a moment again. And in 2025, that momentum is being driven by a mix of high-velocity capital, strong fundamentals, and targeted growth across key metros.
A new report from CRED iQ, spotlighted by GlobeSt, lays out the data behind the surge. The takeaway? Markets like Dallas, New York, and Los Angeles are leading the charge, and investor appetite is following.
Dallas: Dominating on Scale
Dallas-Fort Worth continues to act like the capital of American housing. Since January 2024, the metro has financed nearly 104,000 apartment units, more than any other region. That’s not just a headline—it’s a signal that developers, lenders, and institutional investors see long-term viability in Dallas’s population growth and job creation story.
With 440 properties financed and 20,000+ new units added since 2020, the DFW region isn’t just winning on volume. It’s building scale strategically—and fast.
New York: Powering Up on Capital
New York may trail Dallas in unit count, but it leads where capital speaks loudest: $12.6 billion in multifamily loan volume over the last 15 months. That makes it the most heavily capitalized market in the country.
The broader New York MSA—including Long Island and northern New Jersey—also topped the national charts in property count (765) and new unit construction since 2022. For developers and capital groups looking to scale vertically in dense, supply-constrained markets, New York remains a compelling target.
Los Angeles, Houston, and Miami: The Runners-Up with Range
Los Angeles ranked third in the CRED iQ analysis, with 503 properties financed and 5,400 new units added in the last five years. While L.A. faces its share of permitting and political hurdles, it remains a bellwether for demand and long-term growth on the West Coast.
Meanwhile, Houston and Miami posted impressive delivery numbers—8,400 and 6,700 units respectively since 2020—continuing a broader Sun Belt trend of migration-driven multifamily expansion.
Why This Matters to Investors
The numbers tell us something critical: debt is flowing again, and markets with scale, absorption capacity, and pro-growth fundamentals are attracting the lion’s share.
CRED iQ’s rankings, which reflect loan issuance from CMBS, Freddie Mac, and Fannie Mae, highlight where lenders are placing their bets—and where returns are materializing faster.
For developers, this means more than just targeting the usual suspects. It’s about identifying cities where capital is still aggressive, supply is entering rationally, and demand is sticky.
Looking Ahead
Multifamily’s resilience in 2025 shouldn’t surprise anyone who’s been through a few cycles. What’s different now is the speed at which capital is returning to certain geographies—and the clarity with which those markets are separating themselves.
Dallas, New York, and Los Angeles aren’t just at the top of the charts. They’re offering a playbook for what works in this cycle: strong demographics, predictable absorption, and institutional-grade financing options.
As we move into the second half of the year, expect continued movement in these metros—and increasing competition for deals that check the right boxes.
About Daniel Kaufman
Daniel Kaufman is a real estate developer, investor, and founder of Kaufman Development and Kaufman Family Office. His work spans multifamily, mixed-use, and build-to-rent projects nationwide, with a focus on strategy, scale, and long-term value creation.