Featured image for 2025 May Newsletter called Culmination of Multiyear Demand Trend Beginning to Unfold
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Culmination of Multiyear Demand Trend Beginning to Unfold

2025 has gotten off to an unusually volatile start for apartment demand on a month-over-month basis. Despite these early fluctuations, longer-term trends are uniformly positive. Both over the last twelve months, and year-to-date through April, national net absorption has continued along an upward trajectory that began in 2023. Encouragingly, the continued improvement has been widespread…

Top 10: Market Net Absorption
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Top 10: Market Net Absorption

Apartment demand has been unusually volatile month-over-month to begin the year. Even so, national net absorption through April was significantly higher than that from 2024. This year is the third consecutive year of improved multifamily demand for this portion of the calendar. In order to provide a clear picture of market leaders in net absorption…

A Closer Look at Improved Rent Performance
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A Closer Look at Improved Rent Performance

Average effective rent growth for new leases has shown strong improvement over the last year. After peaking out a modest 0.9% gain in the previous twelve-month period, the national average effective rent has grown by 3.5% over the last twelve months. Below the national average, some important distinctions have emerged. All numbers will refer to…

A year in Review 2024 Average Occupancy
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A Year in Review: 2024 Average Occupancy

The final installment of the ongoing series looking back at various facets of multifamily demand last year is average occupancy. As already discussed, improved apartment demand in 2024 was insufficient to offset generational new supply. This ongoing imbalance was a headwind to rent growth – although it too showed improvement from 2023. The mechanism by which the supply and demand…