2023 Multifamily Market Outlook: Turbulence Ahead

Demand for multifamily plummeted during the fourth quarter of 2022, after having been at above-average levels earlier in the year. It appears that rental demand has been negatively impacted by persistent inflation pressures, diminished savings levels of many households, and ongoing recession expectations. Indeed, we are still projecting a moderate recession for the first half of 2023, and, as a result, we are expecting lower-than-normal rent growth this year along with a higher national vacancy rate.

Read the January 2023 Market Commentary