Despite lingering concerns about the stability of the multifamily sector, recent indicators suggest that the market is taking steps to address its challenges. However, certain regions, notably the overbuilt South, continue to exhibit signs of weakness. According to a recent report by Apartments.com, the multifamily market experienced a robust rebound in demand during Q1 2024, with a notable absorption of 104,000 units—the highest figure since Q3 2021. Additionally, the report highlighted an increase in vacancy rates and a rise in rents across most parts of the country. Looking ahead, 2024 is projected to witness the completion of 495,000 multifamily units—a 20% decrease compared to 2023.
