2024 Multifamily Market Outlook: Instability Expected as Skies Remain Cloudy

Based on preliminary data, multifamily rental growth  is estimated to have turned negative during the fourth quarter of 2023, after having been at more moderate levels earlier in the year. Our prediction of turbulence in the multifamily market last year was correct, and it appears that it is likely to continue into 2024. Rental demand differed depending upon the metro: Those with a lot of new supply, such as Austin, Phoenix, and Jacksonville, have seen negative rent growth over the past  six to 12 months. In contrast, metros that are supply constrained, such as Kansas City, Cincinnati, and St. Louis, have seen above-average rent growth, according to data from RealPage.

Read the January 2024 Market Commentary