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Analysis

Multifamily Market Could Be on the Cusp of Stabilizing

Another casualty of the oversupply is luxury rentals

As more and more brand-new apartment units throw open their doors for renters, vacancy rates are rising. And that is depressing rent growth in those markets, a CoStar report for October shows.

Demand nationally reached its highest peak since 2021 at 116,000 units. But 140,000 new units came online. The difference pushed the national vacancy rate up 10 basis points to 7%. However, the fact that this marked the slowest rate of increase since 2021 signals, the report said, that the market could be on the cusp of stabilizing.

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Philippa Maister

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