News Type: Press Release

Roundtable Statement on the 21st Century ROAD to Housing Act

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(WASHINGTON, D.C.) — Jeffrey D. DeBoer, President and CEO of The Real Estate Roundtable (RER), issued the following statement:

“The Real Estate Roundtable applauds the Senate’s advancement of the amended 21st Century ROAD to Housing Act.

This landmark, bicameral legislation incorporates a comprehensive package of reforms to help build more homes, improve affordability, protect private property rights, and preserve the capital needed to finance housing nationwide.

Importantly, the amended bill includes major reforms to modernize federal housing programs, streamline environmental reviews, reduce barriers to new construction, support manufactured housing, build more homes in Opportunity Zones, restore critical community banking provisions, encourage transit-oriented development, and promote much-needed land-use and zoning reforms. The bill also removed the unconstitutional forced-sale mandate targeting build-to-rent housing, which would have restricted much-needed capital and worsened supply constraints.

These reforms are significant, but they will take time to fully filter into the housing marketplace and begin correcting the supply imbalance caused by years of underbuilding and regulatory barriers.

We appreciate the thoughtful work of congressional leaders to preserve important measures that will help expand access to homeownership and rental housing opportunities across the country. This bill represents a generational opportunity to deliver more homes for the American people and make meaningful progress on the nation’s housing affordability crisis.

We urge Congress to swiftly pass the bill and send it to President Trump to be signed into law.”

The Real Estate Roundtable Q2 2026 Sentiment Index Shows Market in Holding Pattern as Capital Improves but Transactions Lag

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(WASHINGTON, D.C.) — The Real Estate Roundtable (RER) today released its Q2 2026 Sentiment Index, which registered an overall score of 63, down three points from the previous quarter. The survey shows a CRE market with improving capital conditions and steady fundamentals, but one still constrained by limited transaction activity, pricing uncertainty, and uneven momentum across sectors.

Compared to one year ago, sentiments of current conditions are up by 11 points, perceptions of future conditions are up by 6 points, and overall conditions are up by 9 points.

“Commercial real estate is on stronger footing than it was a year ago, but the recovery is still uneven,” said Jeffrey D. DeBoer, President and CEO of The Real Estate Roundtable. “Debt is available, values are stabilizing, and fundamentals are holding in many sectors. But transactions remain limited, equity capital is still cautious, and performance varies sharply by market and asset class.”

“Now is the time for policies that encourage investment and capital formation—not new barriers that make it harder to build, finance, and modernize the real estate that supports housing, jobs, communities, and economic growth,” DeBoer added.

The Q2 Sentiment Index topline findings include:

  • The Q2 2026 Real Estate Roundtable Sentiment Index registered an overall score of 63, a decrease of 3 points from the previous quarter. The Current Index registered 61, a 5-point decrease from Q1 2026. The Future Index posted a score of 64 points, a 3-point decrease from the previous quarter, reflecting a market caught in stalemate, where capital is abundant, debt is open, and fundamentals are holding, yet transactions remain stuck behind a wide bid-ask spread. Sellers are refinancing rather than listing, geopolitical shocks have delayed an otherwise visible recovery, and a K-shaped dynamic is widening the gap between well-capitalized players and those running short on equity. The mood is patient, not pessimistic: a ‘decaffeinated’ recovery that participants believe will accelerate once pricing clarity returns.
  • Beneath the headline numbers, performance is increasingly defined by where you are and what you own. Top-quartile markets and assets are pulling decisively away from the rest, with industrial, lodging, data centers, and high-quality retail running hot, while multifamily continues to absorb its supply overhang, and office remains sharply bifurcated between trophy assets and everything else. Across every sector, AI is emerging as both a demand driver and an operational force multiplier, reshaping where capital flows and how participants underwrite the next cycle.
  • A majority (53%) of respondents believe asset values are relatively unchanged compared to a year ago, while 32% feel they are higher and 15% think values have declined. Looking ahead, the outlook is overall optimistic: 54% expect asset prices to rise over the next year, 37% believe asset values will remain stable, and only 9% anticipate that values will decrease.
  • Perceptions on equity capital are split, with 24% believing availability is worse compared to a year ago, 33% thinking it is better, and 43% feeling it is the same. On the other hand, sentiment around debt capital is positive, as 69% said the availability of debt capital has improved from last year. Looking forward, 51% of respondents believe that equity capital availability will be better in one year, and 31% believe debt capital availability will be better.

Sample responses from participants in the Sentiment Index’s Q2 survey include:

“If I had to sum it up in one word, I would say ‘stalemate’. Two years ago, I would have said ‘bear market’–not distress, but some stress.”

“It’s a decaffeinated capital markets recovery. It’s there fundamentally, but it’s not allowing for full transactions. It’s a rising tide, but there are certainly some ships with holes in their hulls.”

“The top quartile of U.S. markets in each property type are showing a lot more strength than the other quartiles. There’s more differentiation in performance across markets, property types, and within sectors.”

“AI is providing tremendous support to the economy. We feel strongly about digital companies investing in hard assets such as data centers, energy generation, storage, and transmission.”

Data for the Q2 survey was gathered by Chicago-based Ferguson Partners on RER’s behalf in April. See the full Q2 report.

The Real Estate Roundtable (RER) brings together leaders of the nation’s top publicly-held and privately-owned real estate ownership, development, lending and management firms with the leaders of major national real estate trade associations to jointly address key national policy issues relating to real estate and the overall economy.

Coalition Statement on House Passage of the Amended 21st Century ROAD to Housing Act

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11 National Organizations Commend the House for its Work, Now Call on Senate to Swiftly Pass the Act

The undersigned housing groups representing thousands of housing providers and tens of millions of residents commend the House of Representatives for its bipartisan passage of the recently amended 21st Century ROAD to Housing Act.

The revised Act, like all compromise legislation, is not perfect. Nevertheless, it is one that our organizations support as it encompasses some of the most significant housing proposals in a generation.
As the process moves forward, it will be vital that the final language safeguards millions of BTR homes and the individuals and families that are building their lives in them.

The Act includes many meaningful reforms that will help modernize federal housing programs, reduce barriers to development, and encourage the production and preservation of more housing nationwide. This revised legislation will help communities expand housing supply, improve affordability, and create more pathways to both rental housing and homeownership.

In the days to come, we look forward to working with lawmakers and the Department of the Treasury to finalize important aspects of the bill around implementation and interpretation and make sure that BTR housing can continue to play such a robust and vital role in providing the rental housing the nation needs.

Now, as the President has indicated that he will sign the revised Act, this Coalition urges the Senate to pass this major legislation.

The amended 21st Century ROAD to Housing Act is a key win for members of Congress, the Administration and, most importantly, the American people.

Download Statement

  • Affordable Housing Tax Credit Coalition
  • Leading Builders of America
  • MBA
  • NAA
  • NAHB
  • NAHMA
  • Nareit
  • NHC
  • NLHA
  • NMHC
  • RER

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The Real Estate Roundtable Supports Bipartisan House Amendment to 21st Century ROAD to Housing Act

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(WASHINGTON, D.C.) —Jeffrey D. DeBoer, President and CEO of The Real Estate Roundtable (RER), issued the following statement:

“We strongly support the House’s bipartisan amendment to the 21st Century Road to Housing Act scheduled for House floor consideration today.

Significantly, this bill eliminates the unconstitutional “forced sale” of build-to-rent housing that plagued prior versions.

Moreover, the latest amendment is focused where it should be — on increasing housing supply. Its sections to boost manufactured housing; help support renters interested in home ownership; build more homes in Opportunity Zones; streamline excessive environmental reviews that delay residential construction; encourage transit-oriented development; and promote much-needed land-use and zoning reforms, among other provisions, all add up to a comprehensive and robust package of smart housing policy.

We congratulate Financial Services Committee Chairman French Hill and Ranking Member Waters on their landmark bipartisan accomplishment. Congress should pass the measure without delay so more homes that are safe, modern, and affordable can be delivered for the American people.”

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Housing Coalition Strongly Supports Amended 21st Century ROAD to Housing Act

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11 National Organizations Send Letter to Congressional Leadership Calling for Swift Passage of Revised Legislation

Today, the undersigned organizations representing the nation’s rental housing providers and tens of millions of residents sent a letter to Congressional leadership signaling their strong support for the revised 21st Century ROAD to Housing Act.

Crucially, the revised bill preserves Build-to-Rent (BTR) housing, thereby safeguarding the development of hundreds of thousands of rental homes and benefiting the individuals and families who are building their lives in those homes. Professional housing providers and the sources of capital that support them are an important resource for Americans who need more housing options. This legislation will help preserve flexible housing options for renters, ease affordability challenges and provide more opportunity for households on the path toward homeownership.

Housing affordability has never been as critical an issue for American voters, and we stand ready to work with policymakers to ensure the final bill advances the goal of lowering costs while providing greater housing choice in communities across the nation.

We thank both the House and the Senate for their leadership on this issue and now call on Congress to pass this bipartisan bill quickly and deliver it to the President for his signature.

Signatories Include:
Affordable Housing Tax Credit Coalition
Leading Builders of America
Mortgage Bankers Association (MBA)
National Apartment Association (NAA)
National Association of Home Builders (NAHB)
National Housing Conference (NHC)
National Leased Housing Association (NLHA)
National Multifamily Housing Council (NMHC)
National Rental Home Council (NRHC)
Nareit
Real Estate Roundtable (RER)

The Real Estate Roundtable Supports Amended Bipartisan Housing Package to Increase Supply and Improve Affordability

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(WASHINGTON, D.C.) — The Real Estate Roundtable (RER) commends House leaders for amending the 21st Century ROAD to Housing Act to advance a stronger bipartisan housing package that improves affordability, removes regulatory barriers, and preserves the capital investment needed to build more homes.

The revised bill makes significant improvements to provisions affecting build-to-rent housing and institutional investment in the single-family market, including removing a forced-disposition requirement that would have raised serious constitutional concerns, chilled investment in new rental housing, prevented the construction of thousands of homes, and worsened supply constraints in markets across the country.

“The housing crisis cannot be solved without building more affordable homes of every type, in every market and for every stage of life — including rental housing, workforce housing and paths to homeownership,” said Jeffrey D. DeBoer, President and CEO of The Real Estate Roundtable. “For more than a decade, the nation’s housing supply has failed to keep pace with demand. Restricting capital will only make that shortage worse. Increasing supply is the path forward.”

The package also includes broad housing supply and affordability reforms to reduce barriers to new construction, support manufactured housing innovation, streamline environmental reviews, and modernize HUD programs. It would also create grant programs for converting abandoned buildings into housing, expand community lending and strengthen tools to encourage local zoning and pro-housing policies.

RER appreciates the bipartisan work of House and Senate leaders and urges swift passage of this landmark housing bill to expand access to homeownership and rental housing opportunities nationwide.

NEWS: Real Estate Roundtable and Coalition Support ENERGY STAR Transition to the Department of Energy

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(WASHINGTON, D.C.) — The Real Estate Roundtable (RER) joined organizations which represent the consumer products, manufacturing, real estate, and retail sectors in support of the Department of Energy’s (DOE) new role as lead federal agency for ENERGY STAR, following the recent Memorandum of Agreement with the Environmental Protection Agency (EPA).

In a coalition letter sent this week to DOE, the groups said they look forward to collaborating with the agency to ensure an effective transition that maintains and evolves the voluntary ENERGY STAR public-private partnership.

“Our longstanding partnership with the federal government’s ENERGY STAR program remains a top priority as DOE assumes the lead implementation role,” said RER’s President & CEO Jeffrey D. DeBoer. “DOE has the data, talent, lab research, and other resources to run all facets of ENERGY STAR efficiently and effectively. Down the years, ENERGY STAR for buildings has saved families and businesses hundreds of billions of dollars in energy costs, and helps create greater capacity on the grid to boost economic growth. We will continue to partner in the evolution of ENERGY STAR to support the economic growth in our buildings, plants, and consumer products.”

The coalition emphasized that DOE is well positioned to lead a modernized ENERGY STAR program that continues to provide consumers and businesses with access to efficient products and buildings with the performance they have come to expect from the ENERGY STAR brand. The letter also reaffirmed strong support for keeping ENERGY STAR within the federal government.

“DOE has always been a key part of the ENERGY STAR ecosystem and is ideally suited to assume the role as the program’s primary steward and ensure its vitality and progress forward,” said RER’s Sustainability Policy Advisory Committee (SPAC) Chair Anthony E. Malkin (Chairman and CEO, Empire State Realty Trust, Inc.). “ENERGY STAR has long enhanced the profitability of buildings and established a voluntary reporting structure for real estate assets. It helps our industry attract investors from all over the world to the United States. ENERGY STAR works better than any other building energy ‘label’ on the market because it is grounded in quantifiable metrics and deploys standard software geared to save money on utility bills and avoid wasted energy.”

Malkin continued, “Our industry coalition with leading organizations in the real estate, manufacturing, consumer tech, and retail sectors will continue to advocate to Congress and the Executive branch the critical role ENERGY STAR plays to advance America’s energy dominance and global competitiveness.”

The letter noted ENERGY STAR has helped families and businesses save more than $500 billion in energy costs since 1992 and said the coalition stands ready to support a smooth, transparent, and comprehensive transition to DOE.

About The Real Estate Roundtable

The Real Estate Roundtable (RER) brings together leaders of the nation’s top publicly-held and privately-owned real estate ownership, development, lending, and management firms with leaders of major national real estate trade organizations to jointly address key national policy issues relating to real estate and its important role in the global economy.

The collective value of assets held by RER members exceeds $4 trillion. RER’s membership represents more than 3 million people working in real estate; 12 billion square feet of office, retail, and industrial space; over 4 million apartments; and more than 5 million hotel rooms. It also includes the owners, managers, developers, and financiers of senior, student, and manufactured housing—as well as medical offices, life science campuses, data centers, cell towers, and self-storage properties. RER’s policy news and more are available on the RER website

RER Statement on the 21st Century ROAD to Housing Act

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Statement by Real Estate Roundtable (RER) President and CEO Jeffrey D. DeBoer

(WASHINGTON, D.C.) — “The Real Estate Roundtable supports many provisions in the ROAD to Housing Act and the Housing for the 21st Century Act, both of which take important steps toward expanding housing supply.  Expanding housing supply requires significant capital investment.  However, the institutional investor provisions under consideration in the Senate bill would be counterproductive. These provisions would discourage the capital investments that are needed to develop, redevelop, and modernize the nation’s owner-occupied and rental housing stock.  In particular, the provision to force institutional owners of rental housing to sell the homes that they build within a specified 7-year timeframe would discourage investment in home construction, could actually result in rent increases in many markets, and would no doubt face substantial constitutional challenges.  

Addressing housing affordability challenges facing families across the country requires a greater supply of housing.  While much of the housing bill now before the Senate is properly focused, the institutional investor provisions should be dropped.”

NEWS: Commercial Real Estate Sentiment Steady in Q1 2026 as Debt Availability Improves

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(WASHINGTON, D.C.) — The Real Estate Roundtable (RER) today released its First Quarter 2026 Sentiment Index, a quarterly measure of confidence among senior commercial real estate (CRE) executives. The overall index registered 66, down one point from Q4 2025, as respondents described a market in the early stages of a tentative, uneven recovery. Tariffs and interest-rate uncertainty continue to widen buyer-seller spreads and slow price discovery.

The Current Index rose two points to 66, while the Future Index decreased two points to 67, reflecting cautious optimism for improved conditions in 2026 despite ongoing volatility.

“This quarter’s survey shows the market is stabilizing, with improving debt availability and growing optimism about the year ahead—even as uncertainty continues to keep transaction volume below potential,” said Jeffrey DeBoer, RER President and CEO.

“The industry is positioned for a more constructive 2026, but sustained momentum will depend on a stable policy environment,” DeBoer added. “That stability supports investment decisions that drive jobs, housing, and economic activity in communities nationwide.”

The Q1 Sentiment Index topline findings include:

  • The Q1 2026 Real Estate Roundtable Sentiment Index registered an overall score of 66, a decrease of one point from the previous quarter. The Current Index registered 66, a two-point increase over Q4 2025. The Future Index posted a score of 67 points, a decrease of two points from the previous quarter, reflecting a prevailing sentiment that the market is in the early stages of a tentative, uneven recovery. Political, tariff, and interest rate uncertainty is contributing to wide spreads between buyers and sellers. Amid the uncertainty around pricing clarity and geopolitical stability, participants are cautiously optimistic for an improved 2026.
  • Although perspectives vary by asset class, overall market sentiment trends positive. Less than 10% of respondents believe that general market conditions are worse than this time last year, and 63% of respondents believe that general market conditions are better than this time last year. Furthermore, 64% of participants expect general market conditions to show improvement one year from now. Leaders reported strength in data centers and industrial, while returns in the multifamily and office sectors remain heavily location-dependent.
  • Forty-three percent (43%) of respondents believe asset values are roughly unchanged compared to a year ago. Nearly half of participants are seeing green shoots, as 48% believe asset prices have increased while only 9% believe they have declined. Looking ahead, the outlook is optimistic: 67% expect asset prices to rise over the next year, 30% believe asset values will remain stable, and only 3% anticipate a slight decline.
  • Perceptions on the availability of equity capital are muted relative to last quarter, although about four in ten respondents (42%) still believe equity availability is better compared to a year ago. On the other hand, sentiment around debt capital has risen significantly, as 78% said the availability of debt capital has improved from last year. Looking forward, 65% of respondents believe that equity capital availability will be better in one year, and 49% believe debt capital availability will be better.

Sample responses from participants in the Sentiment Index’s Q1 survey include:

“The market is stagnant but promising; there’s a lot of pent-up demand and capital that needs to be deployed. Banks that were previously on the sidelines are looking to replenish balance sheets.”

“The real estate sector is in the early stages of a new cycle: Debt and equity are open, people have accepted the higher-for-longer interest rate environment, and now the focus is on relative value and income across all asset classes.”

“The real estate market is largely still locked up. People need certainty; when certainty returns, transaction volume will skyrocket.”

Data for the Q1 survey was gathered by Chicago-based Ferguson Partners on RER’s behalf in January. See the full Q1 report.

The Real Estate Roundtable (RER) brings together leaders of the nation’s top publicly-held and privately-owned real estate ownership, development, lending and management firms with the leaders of major national real estate trade associations to jointly address key national policy issues relating to real estate and the overall economy.

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Coalition Statement on Making Housing More Affordable for Americans

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(WASHINGTON, D.C.) — The United States is facing a housing affordability crisis driven by demand exceeding supply, causing a shortage of all types of housing—homes for sale, homes for rent, apartments, duplexes and others—that has been decades in the making. For too long, families and communities throughout the country have struggled with the high cost of housing.

The undersigned organizations appreciate the Trump Administration’s ongoing commitment to reducing housing costs and broadening housing opportunity by exploring solutions that will expand the number of homes available—the only real solution to housing affordability. While there is no single policy solution, we know it will require public and private partnerships collaborating with communities nationwide to build the housing America needs.

The cost of housing is one of the most critical issues facing many Americans. The only way to lower the cost of mortgages and rent is by encouraging, not hindering, investment and constructing the housing that individuals and families can build lives upon.

President Trump has made increasing housing supply and addressing today’s shortage a top priority, and rental housing providers are the very organizations to partner with to solve our housing affordability challenges.

As a coalition, we urge policymakers of both parties and at all levels of government to embrace solutions that will have the greatest positive impact on housing supply and make a meaningful difference in Americans’ lives by building the housing our nation needs.

We look forward to learning more about the Administration’s housing proposals and partnering with the Administration in developing a national housing policy that will ensure that generations of Americans have the freedom to choose from a wide range of affordable housing options.

Download Statement

Council for Affordable and Rural Housing

Institute of Real Estate Management

Manufactured Housing Institute

NAIOP, Commercial Real Estate Development Association

Nareit

National Association of Housing Cooperatives

National Affordable Housing Management Association

National Apartment Association

National Association of Home Builders

National Leased Housing Association

National Multifamily Housing Council

National Rental Home Council

The Real Estate Roundtable