What To Watch in 2024: Multifamily Rent Growth Could Begin To Accelerate Later This Year

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%.