by UNITS Magazine
Units Magazine recently had the chance to speak with Kurt Houtkooper, CEO of Hamilton Zanze, a San Francisco-based multifamily investment firm. The company’s portfolio currently comprises approximately 125 properties across just under 30 markets. In this interview, we discuss—among other things—Houtkooper’s outlook for the apartment industry in 2025 and Hamilton Zanze’s goals and strategies for the upcoming year.
As we enter 2025, what’s your outlook for the multifamily industry in terms of rent growth, occupancy and investment sales?
Houtkooper: The pace of new construction is finally moderating. Some estimates suggest multifamily completions will decline by more than 20% this year. Broadly speaking, this should support higher or level rent growth and improved net operating income for apartment communities. By late 2026 and into 2027, as new supply further declines, we anticipate even healthier top line rent growth.
On the investment side, we expect transaction activity to pick up in 2025. With the Federal Reserve shifting toward an easing monetary policy, investor confidence has improved. More equity is chasing multifamily assets, and we’re also seeing major banks reengage as active lenders. That combination lays the groundwork for a more dynamic investment sales environment this year.
Read the article in UNITS Magazine.