U.S. Multifamily Absorption Jumps to 167,500 Units as Vacancy Falls to 4.3%
Updated
Updated · multifamilyexecutive.com · Aug 21
U.S. Multifamily Absorption Jumps to 167,500 Units as Vacancy Falls to 4.3%
3 articles · Updated · multifamilyexecutive.com · Aug 21
Summary
167,500 units of net absorption in Q2 nearly doubled from 84,300 in Q1, while the national vacancy rate fell 50 basis points to 4.3%, CBRE said.
78,000 units were delivered in the quarter, down 14% year over year, as demand outpaced new supply for a second straight quarter and the recent construction wave began to crest.
All 69 markets posted positive net absorption, with New York leading at 17,600 units, followed by Dallas at 10,000 and Denver at 6,600; absorption exceeded new supply in 68 markets, up from 47.
Average monthly rent rose 0.5% from a year earlier and 1.5% from Q1 to $2,247, with the Midwest and Northeast leading annual growth at 2% and 1.7%.
Multifamily investment volume slipped 2.7% year over year to $34.9 billion, but the sector still led commercial real estate investment with a 27% share.