Slowing migration patterns in some markets is among the factors Yardi Matrix found that led multifamily absorption rates to "return to pre-pandemic norms" as of August.

Absorption measured at 223,000 units through the first eight months of 2022.

Absorption has flattened or turned negative in some formerly hot markets such as Atlanta, San Antonio and Phoenix, where occupancy rates are slipping as supply growth outpaces demand, according to the report.

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