2023 Mid-Year Multifamily Market Outlook – Demand Subdued But Positive

The multifamily sector experienced subdued but positive demand during the first half of 2023, primarily occurring during the second quarter, due to slowing but still-positive job growth, elevated single-family housing prices in many locations across the country, and favorable demographics. This demand is expected to remain stable for the remainder of the year, with rent growth increasing slightly but with vacancies likely rising. It is important to note that multifamily fundamentals and demand can, and do, change and will vary by metro, submarket, and, in some cases, by neighborhood.

Read the July 2023 Market Commentary