This year’s opening quarter included multiple interesting developments that will have ramifications for multifamily performance as 2025 unfolds. Outside the industry, in just the first few days of April, seismic U.S. trade policy changes are just beginning to make their early impact felt. As has been the case for the last handful of years, there…
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.
2024 has been an interesting year for the multifamily industry, and there have been some interesting developments at the price class level.
Multifamily performance trends stabilized last year after volatility from 2020 to 2022, and 2024 has largely followed expected trajectories.
New multifamily deliveries will continue to drive industry performance this year because demand is not expected to catch up with supply.
Broad improvement in demand within stabilized properties has materialized in recent months – but supply will remain a challenge.
Net absorption tripled from last year, but below recent years’ levels. Rent growth lowest for opening quarter in years.
National monthly effective rent growth for new leases has been negative. Rent growth finally returned to the positive in February.
