Multifamily Market Commentary
Rising Number of Multifamily Properties Offering Concessions
October 16, 2023
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.