Steady Improvement at the Halfway Mark of 2024
Multifamily performance trends stabilized last year after volatility from 2020 to 2022, and 2024 has largely followed expected trajectories.
National Net Absorption Slightly Lower in June
Apartment demand in June was another mixed bag. Net absorption bettered the June 2023 total but was slightly lower month-over-month.
An Update on the New Construction Pipeline
New multifamily deliveries will continue to drive industry performance this year because demand is not expected to catch up with supply.
Significant Increase in Demand Has Yet to Materialize
Monthly net absorption improved in May, but by a narrow margin. With higher demand but also higher new supply – 2024 is playing out like 2023.
Demand Improving for Stabilized Properties
Broad improvement in demand within stabilized properties has materialized in recent months – but supply will remain a challenge.
Supply Rose in April, Apartment Demand Did Not
New supply increased further in April, but apartment demand was unable to continue the upward trajectory that began in late 2023.
Takeaways Episode 45
Senior Market Analyst, Jordan Brooks, shares final thoughts on the April 2024 newsletter article, Mixed Results to Begin 2024 for Multifamily.
Mixed Results to Begin 2024 for Multifamily
Net absorption tripled from last year, but below recent years’ levels. Rent growth lowest for opening quarter in years.
Continued Demand Improvement in Q1
Apartment demand improved again in the first quarter, continuing a trend of consistent incremental progress since the 2022 trough.