An Encouraging Third Quarter for Multifamily
Despite remaining challenges, the third quarter featured some reasons for encouragement in the industry performance data.
Negative Rent Growth on the Way
Apartment demand remains encouraging but rent growth has begun to trend downward from its second quarter peak.
Latest Growth Cycle Beginning to Wind Down
The level of new supply the industry has seen over the years has been nearly unprecedented, and like nothing seen in almost a half-century.
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.
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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.