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Near-Record Multifamily Deliveries Will Mean Oversupply Only in the Short Term

The coming glut of new apartment deliveries will create an oversupply in the multifamily market, but that period of oversupply is expected to be brief, CBRE reported. Longer-term, the near-record delivery of 716,000 units over the next two years will be necessary to maintain healthy fundamentals in the sector. 

“While a multifamily development surplus in the next 18 months may weigh on market fundamentals in the short-term, new deliveries will be limited beginning in 2025 and will ultimately lay the foundation for a healthy market throughout the next cycle,” said Kelli Carhart, leader of Multifamily Capital Markets for CBRE in the U.S. 
The surge in construction is expected to push multifamily’s overall vacancy rate above equilibrium to a peak of 5.2% from 4.6% by year-end. While this may be surprising, given an overall housing shortage in the U.S., the lack of supply is predominantly in single-family homes and not apartments.


Inside The Story

CBRE's Carhart

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).