Multifamily property had decelerating rent growth in the past two years after hitting a national record high of 10.7% at the start of 2022. Rent growth finished 2023 barely positive at 0.7%, with the pullback tied to new supply outpacing demand and the vacancy rate rising almost 300 basis points to 7.5%.
What To Watch in 2024: Multifamily Rent Growth Could Begin To Accelerate Later This Year
Sun Belt Markets Could Lag Behind Other Regions Due to Supply Overhang
By Jay Lybik
CoStar Analytics
January 1, 2024 | 11:29 P.M.
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