Multifamily Market Shows Signs of Stabilization

In the second quarter of 2024, apartment vacancy rates held steady at 7.8%, the first time in nearly three years that vacancies haven’t increased. This stability comes as demand for multifamily units nearly matched supply, with 170,000 more units rented than vacated, and 180,000 new units coming online. The narrowing of the supply-demand gap suggests that rent growth, which has been stable at around 1% annually, may start to accelerate in the coming months. While the multifamily market shows signs of stabilization, ongoing economic uncertainties and high interest rates remain potential risks.

 

Source: https://www.orionprop.com/topfive/apartment-vacancy-rates-hold-steady-as-multifamily-demand-nearly-matches-supply/

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