Key Highlights:
- U.S. multifamily market operating metric trends remained largely unchanged from previous quarters through the fall. The vacancy rate and rent growth each improved slightly. Strong demand-side factors continued to partially offset the large amount of supply coming online.
- In aggregate, the large amount of new construction deliveries across the country peaked. While completions are still expected to remain elevated for the next 12 to 18 months, the slowing trend should translate into a steady recovery in operating conditions.
- Transaction volume increased by 9% year-over-year, the second consecutive quarter of improvement. The price per unit continued to rise, highlighting investor demand for high-quality apartment assets with strong fundamentals.
- Lending activity increased, fueled by investment sales and a period of lower rates, with multifamily showing its first year-over-year quarterly increase since Q2 2022.
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Strong Demand Fundamentals Support Market as Supply Peaks was developed in partnership with Rosen Consulting Group.
