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National multifamily vacancy rate may have finally peaked

Strong regional disparities still show dramatic vacancy differences across the country

Apartments in New York City have an average vacancy of less than 3%, the lowest in the nation. (James Hooker/CoStar)
Apartments in New York City have an average vacancy of less than 3%, the lowest in the nation. (James Hooker/CoStar)

The national multifamily housing vacancy rate may have reached its peak of 7.9% in the third quarter of 2024. This marks a significant milestone as it is the first time in three years that the vacancy rate has not risen compared to the previous quarter.

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