Incredibly, another year is about to be in the books. The massive quantity of new multifamily supply this year was arguably the headline metric for 2024. Right behind, though, would be the substantial improvement in apartment demand. This year continued an upward trend that began in 2023, but on a more impressive scale. All numbers…
With the end of the year rounding into view, it is a perfect opportunity to spend some time evaluating recent rent performance.
Despite remaining challenges, the third quarter featured some reasons for encouragement in the industry performance data.
Elevated new supply continues to play a dominant role in industry performance. Here are the top markets nationally in new units delivered.
2024 has been an interesting year for the multifamily industry, and there have been some interesting developments at the price class level.
Apartment demand remains encouraging but rent growth has begun to trend downward from its second quarter peak.
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.
Multifamily performance trends stabilized last year after volatility from 2020 to 2022, and 2024 has largely followed expected trajectories.
Apartment demand in June was another mixed bag. Net absorption bettered the June 2023 total but was slightly lower month-over-month.
