Making Sense of the Market: Data & Insights that Matter for Multifamily Marketers
Zillow’s Chief Economist, Skylar Olsen, kicked off AIM 2025’s most data-driven session with clarity, optimism, and a reality check. In a talk that balanced macroeconomic uncertainty with tactical insights for multifamily professionals, she outlined where the market stands, where it’s headed, and what renters—and operators—can expect in the months ahead.
Olsen framed her role as “econ therapist,” translating complex financial trends into real-world implications for people navigating rent, mortgages, and housing decisions. While the broader economic picture remains volatile, she emphasized that the rental market is relatively stable—and even gaining ground as the for-sale market faces affordability headwinds.
One of the session’s key takeaways? Macroeconomic volatility impacts buyers more than renters. With interest rates hovering above 7%, a growing number of would-be homeowners are choosing to rent instead, either by necessity or by design.
Rent growth is back in certain segments, particularly apartments, as many consumers return to urban centers and “living small.” Olsen shared that 29% of homebuyers typically rely on proceeds from stocks or investment accounts for down payments—a figure now complicated by market corrections and inflation concerns. For renters, however, the landscape is more stable, and options are more affordable in comparison.
She also addressed the role of new construction in stabilizing the rental market. After a surge in apartment deliveries not seen since the 1970s, Olsen noted that completions are now tapering off as permits decline. The result? The oversupply era is likely temporary, with completions expected to return to pre-pandemic levels by the end of the year.
Job market shifts were another focal point. Olsen presented job growth maps showing softness in key metros like Denver and parts of the Midwest and Northeast. These trends, paired with a slow-but-steady return-to-office movement, are driving renewed demand for centrally located rentals and reshaping the amenities renters expect.
Throughout the presentation, Olsen emphasized the evolving profile of the modern renter. Today’s average renter is 42 years old—a shift that challenges long-standing assumptions about the rental lifecycle. Many are opting to rent for longer periods, not as a temporary stop on the way to homeownership, but as a lifestyle choice.
Following Olsen’s talk, Zillow’s Brian Miller hosted a panel with Arthur Kosmider (Lafrak) and Brent Camp (Asset Living) to unpack the data from an operator’s lens.
The panelists agreed that economic uncertainty is slowing renter decision-making, but not stopping it. Leads are down, but conversions are up—indicating that prospects are taking more time to research before engaging, and entering the process with higher intent.
Rent concessions were a hot topic. Brent emphasized that while nearly 40% of listings now include concessions, communities should avoid “lazy concessions” and instead focus on thoughtful, strategic offers. Arthur added that a better experience—not just better pricing—is what separates successful operators from struggling ones.
Both panelists stressed the importance of differentiation through customer service. In an era where renters are more mature and discerning, site teams that respond to leads quickly and manage reputation proactively are gaining a competitive edge. As Brent put it, “Call your leads. Don’t let AI close your leases.”
The conversation turned toward the long lead times seen in many markets. In New York, the average time from inquiry to lease signing is now 45 days; in Miami, it’s closer to 60. That means operators must forecast leasing needs months in advance, adjusting marketing efforts accordingly.
The evolving renter demographic came up again. With more renters in their 30s and 40s choosing luxury rentals over homeownership, amenity packages need to evolve. Gone are the days of ping pong tables—today’s renters want co-working spaces, concierge services, EV charging, and a hospitality mindset.
Build-to-rent communities were also discussed as a rising solution for renters who want the feel of a home without the financial risk or maintenance burden. Both Brent and Arthur see this as a strong middle ground in a market where homeownership is financially out of reach for many.
Geographically, the data shows renters are moving back into cities as hybrid work normalizes. Secondary and tertiary markets like Mesa and Glendale, Arizona, are now seeing slower leasing velocity after several years of fast-paced growth.
The session wrapped with a call to action around data usage. While macroeconomic indicators are helpful for long-term strategy, local market data is essential for daily and weekly decision-making. Tools like HelloData, Moody’s Analytics, and Zillow’s own dashboards offer insights that can shape pricing, amenities, and messaging.
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Here is the PowerPoint: