U.S. apartment transactions plummeted during the first quarter 2026, following three consecutive quarters of gains. Both the number of properties traded, and the dollar volume of transactions fell substantially during the quarter.
Overall sales volumes were 42% below the fourth quarter 2025 level, while the number of properties traded dropped 33% during the first quarter. In addition, recent activity was well below the $55 billion quarterly average over the past five years.
Cap rates for apartment transactions occurring in first quarter 2026 averaged 5.75%, well above the pandemic-era low of 4.64% from second quarter 2022.
Source: RealPage
Multifamily Market News 