Multifamily Market Commentary
2024 Outlook for Multifamily Affordability – Many Renters Remain Cost-Burdened
February 23, 2024
We believe that the vacancy rate rose by an estimated 0.25% in 2023 to 6.0%, as of December 31, 2023, and that year-over-year rent growth slowed to just 0.8% nationwide. Indeed, we estimate national rent growth turned negative in Q4 2023, falling by an estimated 0.7% in a single quarter to $1,500. While on the surface, these are positive trends in terms of multifamily rental affordability, they are not yet having much of an impact for many renters, especially lower-income renters.