Monthly multifamily market intelligence for local, state, national, and global context. Published by NVest Analytics. Every figure is sourced and dated.
September 2026
College Station-Bryan MSA. Multifamily
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The Month in Three Parts
How We Got Here
Texas A&M passed 80,000 students in fall 2025 (81,354 system-wide; more than 74,000 on the College Station campus, up almost 2,000), and then announced a five- to seven-year plan to slow enrollment growth [191].
Developers responded to the enrollment run-up with purpose-built student towers near Northgate; a 19-story tower was scheduled to complete in summer 2026 [192].
Nationally, construction fell to 475,000 units, 3.5% of inventory and the lowest since 2013 [27][28].
Agency 5-year quotes ran 5.14 to 5.29% in March [40] before the 10-year Treasury climbed from 4.19% on Jan 2 to 4.78% on Sep 4 [1].
Texas job growth ran 1.6% annualized in the first seven months of 2026 after a flat 2025 (0.1%), below the state's 2% long-run average [221][48].
Where We Are Now
Rents are mixed by tracker: Apartment List puts the College Station median at $1,256, down 2.2% year over year; RentCafe puts the average at $1,791, up 1.3% [193][194]. Rents move with the academic calendar.
Local jobs are flat: 143,700 employed in July 2026, up 300 from a year earlier, with unemployment at 4.3% versus 4.1% a year ago [195].
Brazos County appraisals rose about 10% overall in 2026; the appraisal district's published cap rate range for income housing is 6.5 to 8.5% [196][197].
Inflation is still above target: CPI 3.4% in July, PCE 3.7% in July [36][216]. SOFR is 3.66% [35].
Institutional capital is present: a PCCP and Dinerstein joint venture bought two adjacent student communities totaling 1,128 beds on Harvey Mitchell Parkway in June, rebranding them Sterling College Station [198].
No allowed source publishes a metro-wide apartment vacancy or absorption figure for College Station-Bryan this period; those slots are marked accordingly rather than estimated.
Where We're Headed
Rates: futures markets price about a 58% chance of a quarter-point increase on Sep 16, after peaking near 66% following the Jackson Hole speech [217]. If it lands, agency 5-year fixed rates extrapolate to roughly 6.2 to 6.3% [1][40].
Supply: the next wave is dated 2028. Rambler Northgate (24 stories, 342 units) started in April 2026 for June 2028; Ariza Summit Crossing (12 buildings) targets June 2028; Knoxwood Crossing adds 60 workforce units for $21 million [199][200]. A $125 million high-rise near campus and the six-story "Langley" student project are proposed [192][201].
Demand: the enrollment cap plan means the student base grows more slowly than the 2019 to 2025 run; the MSA population is 287,476 (2025), Brazos County 249,088 [202].
The Dallas Fed cut its 2026 Texas employment forecast to 1.7% (range 1.3 to 2.1%) on Aug 21 [221]; locally, payrolls grew 0.2% over the past year [195].
Net: College Station-Bryan is a university-anchored market with a 2028 supply date and a slowing enrollment curve. The published cap rate range of 6.5 to 8.5% is the widest positive spread over agency debt of any market we cover, which is why institutional student-housing buyers are active [197][198][40].
What It Means for College Station
The rate direction has flipped. Three Fed votes to raise rates and a 10-year Treasury at 4.78% mean the "wait for cuts" plan is over for 2026. Owners with loans maturing in 2026 or 2027 should model a refinance at 6.0 to 6.5% [1][17][18].
Positive leverage is available here. Brazos CAD's published 6.5 to 8.5% cap rate range for income housing sits above 6.07% agency debt [197][40], unlike every large metro in this report.
Demand is the university, and the university is slowing on purpose. 81,354 students in fall 2025, then a multi-year plan to slow growth [191]. Underwrite flat to low-single-digit bed growth.
The next supply wave lands in 2028. Rambler Northgate and Ariza Summit Crossing both target June 2028 [199][200]; 2026 to 2027 deliveries are limited to projects already leasing (Azura was 100% leased by April) [200].
Data is thin; read the sources. No allowed source publishes metro vacancy or absorption this period, and rent trackers disagree (-2.2% vs. +1.3%) [193][194]. Appraisals are up about 10% [196].
College Station-Bryan Multifamily
College Station-Bryan is a university-anchored market: Texas A&M passed 80,000 students in fall 2025 and then moved to slow enrollment growth. Rent trackers disagree on direction (Apartment List -2.2%, RentCafe +1.3%), local payrolls are flat, and the next large deliveries are dated 2028. Brazos CAD's published 6.5 to 8.5% cap rate range for income housing is the one market in this report where cap rates clear agency debt.
Cap rate range (income housing)
6.5 to 8.5%
Brazos CAD published range; no market average published
College Station-Bryan Cap Rate Range by Asset Class
Where deals are clearing. Hover each range.
Cap rate rangeMarket averageAgency loan rate
Sources: Brazos Central Appraisal District, 2026 low and moderate income housing capitalization rate [197]. Class-level and market-average figures are not published; the bars show the single published range.
College Station-Bryan vs. National Fundamentals
Hover a bar. Negative means rents are falling.
College StationUnited States
Sources: Apartment List [193]; RentCafe [194]; CBRE [26]; Cushman and Wakefield [27].
Enrollment growth to slow under a five- to seven-year plan [191]
Bed demand growth moderates
Proposed
$125M high-rise near campus; six-story "Langley" student project in College Oaks; 7-acre multifamily site at Turkey Creek Road [192][201]
City approvals moving through Bryan and College Station councils
Price trend
Brazos County appraisals up about 10% overall in 2026 [196]
Transaction pricing not published
College Station Submarket Snapshot
The largest cities in the College Station-Bryan, TX metro. Rent and rent growth from Apartment List (Aug 2026); multifamily units permitted (buildings of 5+ units) from the Census Building Permits Survey. Permits lead construction by 12 to 24 months. Rows alphabetical; hover a row for detail.
MF units permitted, 2026 through Jul Census BPS [208]
2026 permit pace vs. 2025 annualized
Bryan
$1,310
+0.4%
0
447
n/a, no 2025 permits
College Station
$1,252
-2.6%
455
734
+177%
College Station-Bryan Transactions and Deal Flow
Institutional student-housing capital is active. The largest reported 2026 trade is the PCCP and Dinerstein joint venture's purchase of two adjacent communities totaling 1,128 beds, now Sterling College Station [198]. No sales were reported by allowed sources in the last 30 days.
Property
Submarket
Units
Buyer / Seller
Price / Cap
Reported
2818 Apartments and Parkway Place (now Sterling College Station)
Agency lending (Fannie Mae and Freddie Mac) remains the workhorse: a combined $176 billion cap for 2026, half of which must go to affordable housing. As of Aug 31 low-leverage agency loans price in the mid-5s and higher-leverage quotes sit just above 6% [40]. Across all multifamily products, quotes run 5.43% to 6.63% [220]. CBRE put the average multifamily loan spread at 162 basis points in Q2, 15 tighter than a year ago, with lenders competing on price rather than leverage [219]. Bank bridge money runs SOFR plus 225 to 325 basis points, debt funds SOFR plus 300 to 450.
Agency Multifamily Rates, 2026 Trend
Freddie Mac indicative 5-year fixed at 1.25x debt coverage and 65% loan-to-value, top of the published range. One source throughout. Hover the points.
Source: BWE Market Rates [40], one rate sheet at three dates (Jan 20, Mar 9 and Aug 31, 2026). Indicative levels only; Freddie Mac prices each loan individually and does not publish pricing.
Lending Landscape
Programs, caps, and terms relevant to College Station owners.
Texas gave back some of its second-quarter momentum. Employment grew 1.9% annualized in the first half, but payrolls fell at a 0.1% annualized rate in July, pulling year-to-date growth down to 1.6%, below the state's 2% long-run average. The Dallas Fed cut its full-year forecast to 1.7% on Aug 21, from 2.0% in July. Manufacturing wage pressure is easing: the Dallas Fed wages and benefits index fell to 21.1 in August from 30.8 in July.
Costs and policy that hit College Station net operating income directly.
Factor
Status
Read-through
Property insurance
Texas FAIR Plan rate changes took effect Sep 1 [10]
The first renewals at the new rates land this quarter. Multifamily policy quotes $3.2K to $9K per year [11]
Property tax
Brazos County appraisals up about 10% overall in 2026; CAD income-housing cap rate range 6.5 to 8.5% [196][197]
Appraisal growth well below Dallas and Tarrant
Population and migration
MSA 287,476 in 2025; Brazos County 249,088; Texas A&M 81,354 students, College Station campus 74,000-plus [202][191]
Enrollment, not migration, drives apartment demand
Energy sector
Brent $96.02 and WTI $91.48 on Sep 1; Strait of Hormuz flows 4.9 million barrels a day in Q2 against 21.6 million before the conflict [214]
Supports Houston and Permian jobs; indirect College Station benefit
Peer metros (Q2 2026)
Austin rents +1.3% in Q2, first gain since 2022 [45]. Houston vacancy 7.1%, rents -2.3% [46]. DFW rents -1.6 to -2.1% [22]
College Station follows the academic calendar more than the Texas cycle
National Rates and the Fed
The Fed held at 3.50 to 3.75% in July with an unusual three-member vote in favor of raising. Futures now put a quarter-point increase at the Sep 15 to 16 meeting at about 58%, after the Jackson Hole speech pushed the odds as high as 66%. The 10-year Treasury closed Sep 4 at 4.78%, its highest of the year, and August payrolls came in at 162,000 with unemployment steady at 4.1%.
Sources: Federal Reserve [17]; U.S. Treasury, Sep 4 [1]; BWE rate sheet, Aug 31 [40]. Decomposition is illustrative; spreads vary by leverage, term, and borrower, and a 5-year agency loan is priced off the 5-year index, not the 10-year.
10-Year Treasury vs. 30-Year Mortgage Rate, 1980 to today
Why apartments rent: the mortgage rate sets the cost of buying a house, and the gap between it and the Treasury is the part of that cost the market has added since 2022. Monthly averages, percent. Lower panel: mortgage rate minus Treasury, in percentage points. Hover for any month.
Sources: FRED series DGS10 [191] and MORTGAGE30US [192], monthly averages of daily and weekly data, refreshed each build (2026-09-04).
Global Backdrop
Global bond yields moved higher again as central banks turned from cutting to tightening. The European Central Bank raised its deposit rate to 2.25% in June, the Bank of Japan reached 1.00% for the first time since 1995, and the Japanese 10-year crossed 3% on Sep 2. Energy prices are elevated on Strait of Hormuz supply disruption, which helps Texas producers but adds to inflation.
10-Year Government Bond Yields
Where the U.S. sits vs. peers. Hover a bar for context.
Sources: U.S. Treasury, Sep 4 [1]; Bank of England, Sep 2 [209]; Deutsche Bundesbank, Sep 4 [210]; Japan Ministry of Finance, Sep 3 [211]. All four are the issuing authority's own published series.
Global Policy and Risk Snapshot
Central-bank posture and macro risks that feed into College Station borrowing costs.
Factor
Status
Why College Station cares
European Central Bank
Deposit facility 2.25%, raised from 2.00% effective Jun 17, 2026 [212]
The first ECB increase of this cycle; keeps global yields anchored higher
Bank of England
Bank Rate 3.75%, held Jul 30; next decision Sep 17 [209]
Gilt yields still rising to 4.70%, an inflation worry [209]
Bank of Japan
Policy rate 1.00%, raised Jun 16 and held Jul 31 [213]. JGB 10-year 2.97%, above 3% on Sep 2 [211]
Less Japanese demand for Treasuries, so higher U.S. yields
Oil and energy
Elevated Brent $96.02, WTI $91.48 on Sep 1; Hormuz flows 4.9 million barrels a day in Q2 [214]
Plus for Texas jobs and royalties; minus for inflation and Fed posture
U.S. dollar
Index 99.16 on Sep 4, down 0.5% over the month and up 1.4% year to date [38]
A weaker dollar makes U.S. property cheaper for foreign buyers
Sources: European Central Bank [212]; Bank of England [209]; Bank of Japan [213]; Japan Ministry of Finance [211]; EIA [214]; Trading Economics [38].
BWE: Market Rates, as of Aug 31, 2026 (Fannie Mae DUS and Freddie Mac conventional fixed-rate ranges by term, DSCR and LTV tier); earlier BWE sheets as of Jan 20, 2026 and Mar 9, 2026 via the Internet Archive
Disclosures. Compiled Sep 4, 2026 from publicly available sources; figures are as reported by each source on the date shown and have not been independently verified. Where sources conflict, the range is shown. Items marked "Data unavailable" were not published or not captured in the period. Not investment advice.
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