Demand Improving for Stabilized Properties
Broad improvement in demand within stabilized properties has materialized in recent months – but supply will remain a challenge.
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.
With spring rapidly approaching, now makes for an opportune time to evaluate how the winter period has played out.
Looking ahead, there is reason for optimism for multifamily performance in 2024 as well as potential for further challenges.
With 2024 right around the corner, it’s the time of year to take stock of 2023 multifamily performance and what it may portend for next year.
A primary aspect of multifamily industry performance both last year and this year has been the effect of the new construction pipeline.
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.