A Historic Year is in the Books
2021 was a historic year for multifamily, and in this month’s newsletter we take a final look before turning the page to 2022.
Despite Challenges, 2021 Deliveries Already Well Beyond Recent Years
Significant challenges have not prevented the construction pipeline from delivering more new units this year than in recent full years.
Average Lease-up Time Has Decreased After Years of Increase
Construction times continue to grow, but the average lease-up duration for new properties has fallen this year for the first time in years.
Third Quarter: Demand Slowed, but Rents Continued Their Climb
Multifamily has roared back in 2021, and even as demand cooled some in the third quarter, rent growth continued to accelerate.
Larger Properties Pacing the Multifamily Rebound
Larger properties are leading the multifamily rebound, but are not exclusively responsible for this year’s huge numbers.
Concessions Continue Their Retreat
The demand rebound that began last year has led to dazzling 2021 rent gains. Another part of the story has been lease concessions.
Rent Growth: How Much is Too Much?
The first half of 2021 has been quite a rebound for multifamily, and this month we pause to evaluate some of the recent dynamics.
Urban Multifamily Back from the Dead
Outlying areas continue to perform well, but after a particularly rough 2020 for urban areas, cities are making a comeback.
Deluge of New Units Meets Resurgent Apartment Demand
Evaluating multifamily performance saw new deliveries surge in the opening quarter of 2021, but so did apartment demand.