Most of the multifamily markets in the nation are in some part of the peaking phase, according to JLL’s multifamily market clock.

According to JLL’s analysis, the U.S. multifamily market is halfway through the peaking phase as of Q1 this year.

Chicago, Nashville and San Francisco are the closest to the precipice; Austin and New York City have just entered the falling phase and Houston is near the top of rock bottom.

The markets that have the longest legs left in their peaking phase are Minneapolis, Orlando, Phoenix and San Diego.

New product is still delivering, adding 1% or more to the inventories of 34 of the 38 markets JLL tracks. This has put a little weight on rent growth which has remained at 2.3% for three consecutive quarters.

JLL expects that fundamentals will hold steady as units continue to deliver throughout the year. Roughly 600,000 units are under construction, according to Q1 research. JLL’s prediction is the consensus in the market. Unmet demand is predicted to fill the new units coming online and keep rent growth steady.

JLL multifamily property clock