CBRE’s latest report forecasts a robust uptick in U.S. multifamily rent growth for the latter half of 2024. With new construction slowing down and positive net absorption persisting, the market is poised for acceleration. Despite a slight rise in vacancy rates to 5.5% in Q1, the sector saw remarkable demand, absorbing 52,500 units—the third-strongest Q1 performance in over 20 years, surpassing pre-pandemic levels. Kelli Carhart, leader of multifamily capital markets for CBRE, noted that “Absorption has remained surprisingly resilient despite the record deliveries over the last few quarters. Investors continue to display a strong conviction towards multifamily. We expect multifamily capital allocation and deployment to increase as the year progresses.”
Source: https://www.orionprop.com/topfive/apartment-rent-growth-expected-to-accelerate-in-2024s-second-half/
