In this episode of The Brinkman Report, host Kevin Brinkman, along with COO Dan Metzger and CFO Peter Yoo, dives deep into the current state of the multifamily market, particularly focusing on specific markets in the Mountain West.

They start by discussing national trends, highlighting the historic peak in new apartment deliveries in 2023 and the subsequent drop-off in new starts, which has decreased by nearly 70%. This significant change is expected to impact supply and demand dynamics across various submarkets. They also touch on absorption rates, noting that despite high deliveries, demand has remained strong due to a robust labor market and low unemployment.

Dan provides insights into specific markets, revealing that while Boise and Missoula are projected to see positive rent growth in 2025, Salt Lake City and its surrounding areas are facing challenges due to oversupply. The discussion includes the importance of managing concessions and how their properties are strategically positioned to navigate these market fluctuations.

As they move into the operational side, they explore trends in tenant retention, bad debt, and labor market challenges. Dan shares proactive measures taken to enhance tenant retention and manage operating expenses effectively.

Peter then takes them through the insurance landscape, noting recent volatility and potential savings on premiums, as well as the current state of financing in the capital markets. He highlights the competitive lending environment and the favorable terms being seen from agency lenders.

Finally, they wrap up with predictions for interest rates, with both Dan and Peter suggesting a stable outlook for the remainder of the year. Overall, this episode provides a comprehensive overview of the multifamily market, emphasizing the importance of understanding local dynamics and strategic management in navigating the current landscape.