National Occupancy Returns to Pre-Pandemic Level
Persistently low demand and a very active construction pipeline have combined to send national average occupancy to its pre-pandemic level.
Persistently low demand and a very active construction pipeline have combined to send national average occupancy to its pre-pandemic level.
Multifamily rent growth finally lost some steam in recent months, long after apartment demand had cooled. But, the change has not been uniform.
For the first half of 2022, multifamily was still benefitting from the effects of a historic 2021 – that changed in the third quarter.
Strong in-migration markets over the last few years are well-represented among those with the most active construction pipelines.
Rent growth has garnered huge attention over the last 18 months, and rightly so. But, has its trajectory finally started to change?
2022 is already another year of dramatic changes for the multifamily industry. Last year’s rent growth has persisted, but demand has not.
Rent growth continues to be strong across the price classes, but the slump in apartment demand is equally widespread.
In the face of declining apartment demand and increasing macroeconomic headwinds, apartment rent growth has regained steam in recent months.
Despite rent growth continuing unabated, Q1 2022 marked the first time since the start of the industry recovery that demand underperformed.