Negative Rent Growth on the Way
Apartment demand remains encouraging but rent growth has begun to trend downward from its second quarter peak.
Latest Growth Cycle Beginning to Wind Down
The level of new supply the industry has seen over the years has been nearly unprecedented, and like nothing seen in almost a half-century.
Top 10: Market Net Absorption
2024 apartment demand has shown robust improvement over last year, but challenges remain – not least an unrelenting construction pipeline.
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.