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U.S. Multifamily Market Progresses Toward Stabilization

The multifamily market nationwide showed signs of stabilization in the second quarter of 2023 with a rebound in absorption and modest uptick in vacancy, according to CBRE’s latest research. Rents increased 2.6% year-over-year, in line with the pre-pandemic five-year average.  
The multifamily vacancy rate rose by 10 basis points quarter-over-quarter in Q2 2023 to 5.0%. This was a slower increase than the 30-bp rise in Q1 2023 and the 70-bp increase in Q4 2022. Notably, net absorption escalated to 70,200 units in Q2 2023, the highest since Q1 2022, indicating a recovery in renter demand. 
“Despite a heavy supply pipeline, we are seeing renter demand remain solid as vacancy and rent growth stabilize across most markets,” said Kelli Carhart, leader of multifamily capital markets for CBRE. “With inflation easing, we anticipate increased investment activity in the second half of 2023, notwithstanding capital markets volatility.” 


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).

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