An Encouraging Third Quarter for Multifamily
Despite remaining challenges, the third quarter featured some reasons for encouragement in the industry performance data.
Top 10: New Units Delivered
Elevated new supply continues to play a dominant role in industry performance. Here are the top markets nationally in new units delivered.
Uneven Performance Between Price Classes
2024 has been an interesting year for the multifamily industry, and there have been some interesting developments at the price class level.
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.
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.
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.