3 key takeaways from the 2025 NMHC Annual Conference

As a Managing Director at Apprise, a Walker & Dunlop company, I was eager to attend the 2025 National Multifamily Housing Council (NHMC) Annual Conference in Las Vegas. I’m here to tell you that the old adage, “What happens in Vegas stays in Vegas,” does not apply in this case.

The 2025 National Multifamily Housing Council (NMHC) Annual Conference brought together the industry's leading voices in multifamily real estate, providing a platform for networking, deal-making, and crucial market insights. Known as the premier event in the multifamily housing sector, NMHC always draws a diverse mix of buyers, sellers, capital providers, and operators—making it a vital touchpoint for industry professionals.

Here are some key takeaways from this year’s event that offer a deeper dive into the current sentiment and emerging trends shaping the multifamily and affordable housing sectors.

1. Market sentiment: cautiously optimistic amidst uncertainty

The overall mood at NMHC 2025 was one of cautious optimism. While significant dry powder—capital that has been raised and is ready to be deployed— is on the sidelines, transaction volumes remain subdued due to ongoing market uncertainty. Many operators and investors present characterized the market as "weird."

Several factors contribute to this sentiment:

• Interest rate volatility: Fluctuating interest rates continue to create a disconnect between buyers and sellers. Sellers maintain high price expectations, while buyers are hesitant to meet those valuations given the cost of capital.
• Election fallout caution: The recent elections' impacts add another layer of uncertainty, as policy changes could directly impact tax credits, funding allocations, and regulatory frameworks, especially in affordable housing.

Despite these challenges, there's a shared expectation that deal flow will pick up as rates stabilize and the market adjusts to the new normal.

2. Affordable housing: financial creativity and tax incentives

Financial engineering remains paramount in the affordable housing space. Municipalities across the country are increasingly leveraging tax incentives to stimulate the creation and preservation of affordable housing. A notable trend is the strategic use of tax abatements, where property owners accept slight rent reductions in exchange for significant property tax savings—a win-win scenario that benefits both communities and developers.

Key strategies highlighted include:

• Mark-up-to-market conversions: Transforming market-rate properties into affordable units by tapping into federal, state, and local subsidies.
• Navigating state-specific programs: Since affordable housing regulations vary by state, success often hinges on the ability to manage these differences adeptly. Walker & Dunlop's affordable housing specialists excel in this area, providing clients with tailored strategies to maximize opportunities.

Walker & Dunlop's affordable housing platform empowers clients to create, preserve, and revitalize communities. By offering comprehensive services across the capital stack and leveraging proprietary technology, we ensure seamless financing solutions tailored to the unique complexities of affordable housing. This is when your trust and confidence in your valuation provider is most important, and Apprise is a valuable part of the Walker & Dunlop platform.

3. Humanizing the industry: the power of face-to-face connections

One of the standout benefits of attending NMHC is the opportunity to foster deeper connections within the industry. The conference provides rare face-to-face interactions with clients, agency representatives (such as those from Fannie Mae and Freddie Mac), and equity partners who are typically engaged via email or phone.

These interactions strengthen professional relationships and offer valuable insights into client needs and market dynamics. NMHC humanizes our clients—putting names to faces and building trust in ways that digital communication just can't match.

Looking ahead

As we move through 2025, the themes from NMHC—cautious optimism, financial creativity in affordable housing, and the value of personal connections—will continue to shape strategies and decision-making. While the market remains "weird," there's a palpable readiness to seize opportunities as they arise, and Walker & Dunlop is positioned at the forefront of these developments. Apprise is designed to provide up-to-date valuation guidance quickly, which is vital during such market volatility and is a key part of the Walker & Dunlop platform.

Stay connected with Walker & Dunlop's latest research and advisory services for more insights and updates on the multifamily housing market.