With over three decades of experience, multifamily data veteran Greg Willett has joined LeaseLock as chief economist. Prior to joining the rental housing insurtech firm, he served as first vice president and national director of multifamily research for the Institutional Property Advisors at Marcus & Millichap.
“Greg is an icon. He uniquely offers an economic outlook which is well informed and innovative, as well as balanced. It’s an honor to team up with him again in serving the best interests of our industry,” says Janine Steiner Jovanovic, CEO of LeaseLock.
Multifamily Executive caught up with Willett to discuss his new role, supply and demand, and an emerging trend he’s watching.
What drew you to LeaseLock, and how do you see your role as chief economist contributing to the company’s mission?
LeaseLock is focused on facilitating renter access to housing and helping manage risk for property owners and operators. I’ll be developing our understanding of renter household financial health and exploring housing investment and operational strategies that benefit both consumers and capital providers. Also, I’m excited to join the group of people who have come together at LeaseLock. Many of them are past colleagues or clients who have great track records of bringing innovative housing technology to the marketplace and having fun in the process.
What are the biggest economic factors shaping the multifamily housing market at the start of 2025?
While we’re wrapping up a three-year period of substantial multifamily construction activity, there’s still a big-picture housing shortage. Limited product availability is a key influence on the housing affordability challenges faced by so many households. The apartment sector’s overall market fundamentals appear poised to hold up well in 2025, likely gaining a little momentum relative to the performances posted during the past couple of years. However, it won’t be easy to get property trades done or construction starts initiated in our current higher-for-longer interest rate environment.
Are there any specific metro areas or regions that stand out as particularly strong or weak rental markets right now?
Look for markets in the Midwest, the Northeast, and the Mid-Atlantic region to sustain the solid momentum that they have demonstrated over the past couple of years. Demand probably won’t be off the charts in those areas, but they won’t have to deal with the substantial blocks of new supply coming on stream in so many of the Sun Belt metros. Technology hubs, particularly those on the West Coast, are regaining some vigor after a short period when their performances stalled. The Sun Belt construction centers should be this year’s occupancy and rent growth laggards once again, but those metros could quickly turn into the country’s hottest markets as deliveries are reined in during 2026 and 2027.
How do you anticipate renter demand evolving over the next few years?
Demographics point to solid—but maybe not spectacular—renter demand just ahead. While the number of young adults is not growing as quickly as it was a decade ago, the fact that households are remaining renters longer before moving on to home purchase is boosting the size of the renter pool. Something to watch for in the near term is whether we get a bump in new household formation out of 20-somethings who have been living with their parents. Some of those late-to-launch young men without college degrees began to show up as apartment renters during the last couple of years, reflecting solid job growth in employment sectors where wages register in the middle portion of the spectrum.
What’s one emerging trend in multifamily housing that isn’t getting enough attention?
I’ll give you the nerdy answer and point to the increase in data-driven decision-making, whether that’s occurring in investment assessments, risk-profiling, operational efficiency, or customer experience evaluations. More companies are really digging into the stories told by their internal performance metrics, and they are making an effort to understand the scope and quality of data available from public and private information providers.
