Rising Number of Multifamily Properties Offering Concessions

Multifamily market fundamentals have softened in 2023 compared to the prior year, the result of mixed economic trends including slowing-but-still-positive job growth, elevated single-family housing prices keeping many renters in place, and continued favorable demographics. Rent growth was exceptional over the past two years, and, of course, unsustainable, thus 2023 has seen a substantial slowing of rent growth rates. There remains a robust pipeline of new apartment rental projects that are underway in the nation’s largest metros, and with recessionary concerns there has been a rise in the number of properties across the country offering concessions.

Read the October 2023 Market Commentary