Last year finished with record multifamily demand, with the sector setting an annual absorption record of 617,500 units nationally.
Absorption in the fourth quarter hit nearly 150,000 units, according to CBRE, a decline from Q3 numbers but still triple the quarterly average over the last decade. The year's absorption numbers were also up 238% from 2020 levels and up 97% over 2019 figures. It is also 58% higher than the prior record of 390,000, which was set in 2000.
Absorption was highest in New York, Los Angeles, Houston, Dallas, Chicago, and Washington, D.C.
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