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July 2025 RECAP
- The Chandan Economics Research Team
- Aug 5
- 4 min read
RECAP is a summary of last month's housing and commercial real estate research from Chandan Economics and our partners.
Published by Chandan Economics
Real Impact: What July 2025 Jobs Report Means for Rental Housing
By Chandan Economics Research Team
In our latest Real Impact report, we examine the impact of the July 2025 Employment Report by the Bureau of Labor Statistics (BLS). US employment rose by just +73,000 jobs in July, while May and June saw a combined revision of -258,000, the most significant two-month downward revision since the 2020 onset of the pandemic.
Interest rate forecasts shifted significantly after the report as markets consider whether worsening labor market conditions could prompt officials into action. Meanwhile, employment trends point to an emerging risk to apartment demand from young adults.
Macro Signals for August 2025: What Last Month's Key Trade and Policy Developments Mean for US Real Estate
By Chandan Research Team
July 2025 saw the White House’s major tax and spending package cross the finish line while trade talks resulted in a mixed bag of new deals and new tariffs.
Meanwhile, US firms and consumers are working to digest the implications of the shifting policy landscape, as cracks in the housing markets sharpen focus on the Federal Reserve’s interest rate policy. In this deep dive, we explore what the key these key flashpoints mean for US real estate heading into August.
The Geography of Multifamily’s Growth: Urban vs. Suburban (and Everything in Between)
By Jonathan O'Kane
The past decade has been a whirlwind for the multifamily sector — from the urban renaissance of the early 2010s to the workforce housing push of the late 2010s, and the post-pandemic reshuffling of geographic demand. The only constant has been its continuous evolution.
In this briefing, we explore how multifamily growth has unfolded across the urban spectrum over the past 10 years — and why the space between suburban and urban markets deserves a closer look.
July 2025 Rent Collections Report
By Chandan Economics Research
On-time rental payments in independently operated units fell again in July 2025 — another warning sign that the financial health of renter households is under stress. According to this month’s first estimate, 83.6% of units paid their full rent on time — a decline of 20 basis points (bps) from June.
In total, the on-time rate has fallen by 229 bps over the past four months, illustrating a sharp performance drop-off. The only glimmer of optimism in the July data is that the pace of deterioration has slowed. After the on-time payment rate cratered by 68 bps and 128 bps in May and June, respectively, July’s slide was modest.
Altogether, the national rent collection trend points to a worsening financial picture for renters living month-to-month.
How Geopolitics is Impacting US Commercial Real Estate
By Jason M. Davis
While domestic conditions remain the primary driver of US real estate fundamentals, the sector remains vulnerable to increasing global instability and the uncertainty that has come with it.
In this piece, we explore BlackRock's Geopolitical Risk Indicator (BGRI) to get a glimpse at how market attention to emerging risks is affecting the US commercial real estate sector
Published With Our Partners
Metro-Level SFR Rent Growth Trends in the First Half of 2025
By Arbor Realty Trust, in partnership with Chandan Economics
Single-family rental (SFR) prices continued to rise in the first half of 2025, led by affordable mid-sized metros. Albany, Winston-Salem, and Columbia topped the list, while many once-hot markets cooled under pressure from new supply and return-to-office shifts.
Read our full analysis — powered by Zillow’s Observed Rent Index and published in partnership with Arbor Realty Trust — by clicking the button below
Larger Buildings and Smaller Units: How New Multifamily Completions Continue to Evolve
By Arbor Realty Trust, in partnership with Chandan Economics
Driven by high construction costs, land constraints, and rental affordability, developers are increasingly prioritizing smaller units in higher-density multifamily properties.
Utilizing data from the U.S. Census Bureau’s annual Survey of Construction, the research teams at Chandan Economics and Arbor Realty Trust have analyzed how the characteristics of new multifamily properties continue to evolve.
Chandan in the News
Semi-Urban Multifamily Outpaces City and Suburban Growth
By Globe Street
Kristen Smithberg of Globe Street covers Chandan's look into how workforce housing demand and pandemic-driven migration have reshaped the multifamily market
Rent Collections Fall as Some Landlords are Feeling Serious Pressure
By Bigger Pockets
In a recent episode of Bigger Pockets, the podcasters take a look at our recent rent collections data to explore which states are leading and lagging, where the Sun Belt stands now, and why Western states like Montana and Utah continue to outperform.
On-Time Rent Payments Continue to Decline
By Rental Housing Journal
The editors at the Rental Housing Journal cover recent trends in national on-time rent payments from the Chandan Economics-Rent Redi National Rent Collections Report.
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