Solid apartment fundamentals remain intact despite immigration slowdown

Concerns that this administration’s anti-immigration push would trigger a sharp national slowdown in apartment demand have been misplaced. While unauthorised immigration has turned deeply negative, legal inflows – which are what matter for professionally managed apartment demand – have remained relatively resilient. Combined with supportive domestic leasing fundamentals, most notably a large cohort of 30-40-year-olds unable to afford homeownership, we expect apartment demand to remain solid.