What One Midwest Market Tells Us About Where Multifamily Is Headed
A multifamily conference in Indianapolis might seem like a very local snapshot of the industry, but conversations at InterFace Indianapolis revealed macro trends across the industry.
Across panels on financing, operations, construction, development, and investment sales, the same pressures kept surfacing. New construction is slowing, rent growth remains difficult, owners are paying closer attention to the resident experience, build-to-rent continues to gain interest, and as properties add amenities and technology, operators are thinking harder about what actually makes life easier for residents and onsite teams.
Indianapolis has its own market dynamics, of course. Still, what we heard there lines up with several trends playing out across the country. Here are four themes that stood out and what they could mean for multifamily operators beyond the Midwest.
The construction slowdown is changing the conversation
One of the clearest themes in Indianapolis was the pullback in development.
Panelists cited fewer new-build projects and a steep decline in local starts. They also pointed to familiar obstacles including construction costs, skilled labor shortages, changing code requirements, supplies and longer timelines. At the same time, developers are getting more selective about the projects they pursue and, in some cases, more creative about how those projects are designed and approved.
That slowdown is not unique to Indianapolis.
CBRE reported in July 2026 that 77,700 multifamily units were completed nationally during the second quarter, 14 percent fewer than a year earlier. The firm expects completions to continue declining through the end of the year. Demand, meanwhile, absorbed 167,000 units during the quarter, marking the second consecutive quarter in which absorption exceeded new completions.
That shift matters for property managers.
The past few years have been defined in many markets by a flood of new supply and intense competition for renters. A smaller pipeline could eventually relieve some of that pressure, but it also puts more attention on the communities already standing.
Existing properties have an opportunity to become more competitive without waiting for the market to do the work for them. That can mean refreshing amenity spaces, improving operations, or investing in infrastructure that residents interact with every day.
Occupancy is winning the argument over aggressive rent growth
Another telling conversation in Indianapolis centered on leasing.
Panelists talked about concessions, rent adjustments at renewal, longer lease terms, and other ways operators are working to maintain occupancy. The average occupancy range discussed on the operations panel was around 93 to 94 percent, while expectations for rent growth remained modest. Resident experience and stable onsite management came up as important parts of the leasing and retention strategy.
CBRE’s 2026 outlook says operators have been prioritizing occupancy over aggressive rent growth and using concessions to attract new residents. Renewals have also become increasingly important. According to CBRE, renewals now represent 57 percent of leasing activity, compared with 51 percent in 2015 and 48 percent in 2005.
When large rent increases are harder to achieve, the everyday resident experience carries more weight. A frustrating move-in, unreliable internet, or an amenity that looks good on a tour but rarely works can chip away at the value residents associate with the property.
The reverse is also true. When the basics work consistently, residents have fewer reasons to look elsewhere.
That is particularly important when operators are trying to protect occupancy and reduce turnover costs. For owners, there is a financial dimension to that equation. Every renewal protects revenue that might otherwise be lost to vacancy, concessions, marketing, and unit turnover. In a market where significant rent growth is harder to achieve, protecting the revenue already in place becomes increasingly important to NOI.
Amenities are becoming part of the operating infrastructure
The amenity conversation at InterFace Indianapolis went well beyond pools and clubhouses. Panelists discussed 24-hour amenity access, fitness centers, dog parks, pet spas, and EV charging. Developers are also experimenting with smaller units paired with more robust shared spaces. Residents are evaluating the whole community, not simply the square footage.
As properties add more connected amenities, access systems, and smart devices, the technology underneath them becomes more important. A smart lock, connected fitness space, or app-enabled amenity is only as useful as the infrastructure supporting it.
Managed WiFi fits into that picture because connectivity can extend across the property instead of stopping at the resident’s front door.That property-wide managed WiFi supports technologies including access control, security systems, smart thermostats, and safety sensors.
Residents increasingly expect that connectivity to be ready immediately. The 2024 NMHC and Grace Hill Renter Preferences Survey included more than 172,000 renters across 4,220 communities. Eighty-seven percent said having internet available immediately upon move-in was either very important or absolutely essential.
For property managers, this puts internet in a different category than it occupied years ago. It is increasingly part of the infrastructure that makes the rest of the resident experience possible.
More technology does not automatically create a better experience
One comment from the Indianapolis operations panel deserves some attention: property managers and residents have app fatigue.
Anyone working in multifamily technology can understand why. A resident may have one app for rent, another for package delivery, another for access, another for an amenity, and yet another account for internet service. Property teams are often managing their own collection of platforms behind the scenes.
Every new tool may solve an individual problem. Taken together, though, the experience can become fragmented.
This is an important distinction as multifamily communities become more connected. The aim should be to remove friction.
Managed WiFi is one example. A resident moving into a connected community should not have to wait days for equipment, schedule an installation window and then figure out why the WiFi works in the apartment but disappears near the pool. Property-wide connectivity can create a more consistent experience while also providing a foundation for the connected systems operators are adding throughout communities.
The same principle should guide other technology decisions. Does this make the resident experience simpler? Does it reduce work for the property team? Does it integrate with the way the community already operates?
If the answer is no, adding another login probably will not feel like innovation.
Indianapolis offered a useful glimpse of what comes next
The discussions at InterFace Indianapolis pointed to a multifamily industry becoming more deliberate about where it invests and how those investments affect daily operations. The strongest opportunities may come from improving the parts of the resident experience that property teams can influence directly.
For property managers, connectivity is one of those areas. Reliable managed WiFi supports residents, amenities, and connected systems across the community, while giving onsite teams a more consistent foundation to work with.
If you are evaluating managed WiFi for a new development or an existing multifamily community, Gigstreem can help you think through what the right approach looks like for your property and your residents. Reach out to start the conversation.