Pretium flags multifamily market inflection as new supply slows, demand holds up

  • Pretium Securities flagged a multifamily market inflection point as the 2022-2023 supply wave is absorbed and new deliveries slow sharply.
  • Permitting has moderated; demand remains resilient on household formation, delayed homeownership, recovering occupancy, renewal rates at 20-year highs.
  • The setup points to improving fundamentals, with assets still trading below prior peak valuations and scope for accelerating rent growth over time.
  • Build-to-rent positioning remains a focus; BH manages over 8,500 BTR homes across 84 communities using a separate operating platform.
  • Key risk centers on shifting renter expectations; BH is investing in AI-enabled leasing and centralized operations to protect performance across submarkets.


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