Multifamily performance remains exceptional, as demand exceeds supply and is likely to remain that way for the foreseeable future. Rent growth is at multi-year highs, while vacancy and turnover are low. Robust population growth creates the need for more housing, which has been underbuilt for years due to the regulatory environment and high building costs. Policymakers are increasingly recognizing the situation and taking action, but it will take years to achieve the balance needed to meet demand.