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Multifamily Fundamentals Begin to Stabilize 

U.S. multifamily is beginning to stabilize as vacancy rate expansion and negative absorption ease, CBRE reported. These trends are expected to continue in 2023. 

The overall multifamily vacancy rate increased by 30 basis points quarter-over-quarter in the first quarter of 2023 to 4.9%. This was less than the 70-bps increase in Q4 2022 and the 90-bps jump in Q2 2022. 
Negative net absorption of 1,900 units in Q1 improved on the previous quarter’s negative 14,000 units, and CBRE expects that absorption will turn positive in Q2. 
“The multifamily sector has been in search of stability after experiencing two significant shifts,” said Matt Vance, Americas head of multifamily research for CBRE. “First, the Fed began raising interest rates rapidly and then multifamily fundamentals abruptly changed course as supply growth began to outstrip demand. The good news is that the data over the past six months suggests the market is stabilizing,”


Inside The Story

CBRE's Vance

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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