Multifamily Market Commentary
Multifamily Urban and Suburban Submarket Performance Showing Similar Trends
April 21, 2023
The multifamily sector has experienced significant shifts over the past three years, including COVID-19-related shocks followed by an unprecedented recovery and historic rent hikes. Additionally, an ongoing surge in the supply of multifamily units, coupled with inflationary pressures, set the stage for an unusual period for the multifamily sector in 2022. While the national average rent level had rebounded to pre-pandemic levels by Q2 2021, over the second half of 2022 both urban and suburban submarkets experienced similar levels of slowing rent growth, according to data from RealPage, Inc.