Top 10: Market Net Absorption
2024 apartment demand has shown robust improvement over last year, but challenges remain – not least an unrelenting construction pipeline.
National Net Absorption Slightly Lower in June
Apartment demand in June was another mixed bag. Net absorption bettered the June 2023 total but was slightly lower month-over-month.
Significant Increase in Demand Has Yet to Materialize
Monthly net absorption improved in May, but by a narrow margin. With higher demand but also higher new supply – 2024 is playing out like 2023.
Supply Rose in April, Apartment Demand Did Not
New supply increased further in April, but apartment demand was unable to continue the upward trajectory that began in late 2023.
Continued Demand Improvement in Q1
Apartment demand improved again in the first quarter, continuing a trend of consistent incremental progress since the 2022 trough.
Market Notes | News | Top 10
Top 10: Market Leaders in Recent Demand Improvement
An active construction pipeline means improvement in multifamily demand will be vital in 2024. These markets are off to an encouraging start.
Average Effective Rent Down Slightly in January
National effective rent growth was negative in January, but there may be reason for optimism as spring approaches.
Improvement in Multifamily, but Challenges Remain
Looking ahead, there is reason for optimism for multifamily performance in 2024 as well as potential for further challenges.
For 2023 Multifamily Performance, Context is Key
Was apartment demand well below average in 2023 or did the year see a big bounce back? The answer is some of both.