Apartment deal flow falls 14% in Q2

Apartment sales volume dropped 14% year-over-year to $35.1 billion in Q2 but rose 5% to $66.6 billion in H1 2025. No major entity-level deals closed this year, unlike last year’s $10 billion Blackstone deal. Individual asset sales increased 15% to $28 billion, while portfolio sales fell 57% to $7.1 billion. Market slowdown is linked to tariffs and high interest rates, but optimism remains for privately capitalized investors.