Apartment Sales Rebound With $9.2B In April Transactions

Apartment sales rose 20% year-over-year to $9.2B in April as investors returned despite flat pricing and economic uncertainty.

May 29, 2025

Nina Dale

Apartment sales rose 20% year-over-year to $9.2B in April, led by strong mid- and high-rise activity.
Multifamily prices dipped just 1% annually, a significant improvement from last year’s 7.3% decline.
Portfolio and entity-level deals surged 267%, offsetting a slight drop in single-property sales.
REIT leaders report stable asset values and growing investor confidence despite tariff concerns.

Key Takeaways

April Momentum

Multifamily investors pushed April’s apartment sales volume up 20% year-over-year to $9.2B, reports Multifamily Dive. The pricing environment remained subdued, with the RCA Commercial Property Price Index falling 1% annually—a marked improvement from the 7.3% decline recorded in April 2024.

High-Rises Lead The Charge

Mid- and high-rise property sales saw the biggest bump, jumping 50% to $4B, contributing to April’s overall 20% rise in apartment sales to $9.2B. Garden apartment sales grew 4% to $5.2B. Though single-property deals—typically the sector’s primary sales driver—dipped 2% to $6.9B, portfolio and entity-level transactions surged by 267%, reaching $2.3B.

Tariffs? Not Yet A Factor

Despite uncertainty around President Trump’s tariffs, apartment executives say the impact on valuations has been negligible so far. “Asset prices so far seem unaffected by higher rates and uncertainty,” said Equity Residential CEO Mark Parrell on the company’s Q1 earnings call.

Cautious Optimism

Equity Residential is maintaining its full-year guidance of $1.5B in acquisitions and $1B in dispositions, noting that Q1 activity aligned with expectations. Meanwhile, Essex Property Trust spent $345M acquiring Northern California assets, funded through sales in Southern California.

A Market On The Mend

Essex’s Rylan Burns said West Coast bidding remains competitive, though the number of April transactions has been limited. Still, buyer feedback indicates no major change in market sentiment.

Looking Ahead

With economic indicators stabilizing, April apartment sales jumping 20% to $9.2 billion, and buyer confidence growing, industry leaders expect multifamily investment momentum to continue into the second half of 2025—albeit cautiously, as market players weigh macroeconomic risks and seek well-priced opportunities.