Rising Number of Multifamily Properties Offering Concessions

Multifamily market fundamentals in 2024 have remained soft but stable compared with last year because of consistent 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 in 2021 and 2022, but those levels have since slowed. Thus, the sector has seen lagged rent growth rates in 2024 similar to the prior year. A robust pipeline of new apartment rental projects are underway, particularly in the nation’s largest metros, and, as a result, there has been a rise in the number of rental units across the country offering concessions.

Read the December 2024 Market Commentary