Rising tariffs, elevated construction costs and slowing development activity are reshaping the multifamily landscape at a critical moment for housing supply. In an exclusive interview with IREI, Ryan Brome, COO at Forum Investment Group, examines how developers and investors are adjusting underwriting, managing risk, and positioning portfolios amid cost uncertainty, capital constraints, and persistent rental demand.
From your perspective, how significant is the construction slowdown due to rising tariffs and what impact is it having on multifamily supply?
The slowing of construction starts has been a trend that pre-dates the 2025 tariff announcements and has been driven by high interest rates, high construction costs, slow rent growth and disruptions in capital flows into real estate. The addition of tariffs did not do the industry any favors, creating additional uncertainty as to the magnitude of upward movement in input costs like steel, lum
