A Retrospective on the Third Quarter
As the final quarter of the year begins to unfurl, it does so on the back of the best quarterly demand in multifamily since 2021.
As the final quarter of the year begins to unfurl, it does so on the back of the best quarterly demand in multifamily since 2021.
In the current environment, when the multifamily industry is in the midst of a construction boom of a scale not seen in decades, isolating only stabilized properties for analysis is particularly relevant.
After an incredible climb between March & November of 2021, national multifamily average occupancy is now in the midst of a two-year decline.
The halfway point of the year has now come and gone, making July a perfect time to pause and evaluate how 2023 has played out so far.
As of June of 2023, apartment demand remains in the doldrums despite moderate improvement in recent months.
With winter in the rearview mirror, so too are the monthly declines in national average effective rent – for the time being.
Perhaps most notable among many important developments for multifamily in the first quarter, the deluge of new supply has begun.
It has been a fairly challenging winter for the multifamily industry, and it has been Gateway markets that have been slightly more resilient.
After two consecutive months in negative territory, national average effective rent change in January managed to get back to zero.