An Encouraging Third Quarter for Multifamily
Despite remaining challenges, the third quarter featured some reasons for encouragement in the industry performance data.
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.
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.
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.
Demand Improving for Stabilized Properties
Broad improvement in demand within stabilized properties has materialized in recent months – but supply will remain a challenge.
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.
Positive Rent Growth in a Majority of Markets
National monthly effective rent growth for new leases has been negative. Rent growth finally returned to the positive in February.
January Multifamily Performance Was a Step in the Right Direction
With spring rapidly approaching, now makes for an opportune time to evaluate how the winter period has played out.