Cushman & Wakefield continues to remain optimistic about the prospects for growth and better operating fundamentals this year in its apartment portfolio as it sees resilient rental demand, strong potential NOI growth in renewals, positive overall trade-outs, and limited concessions.
One of the largest third-party property managers nationally, with over 178,000 multifamily units, the firm said healthy apartment demand is stemming from a dislocated single-family market "as renters were substantially less likely to leave a rental to buy a home, especially with higher prices and financing costs."
Cushman & Wakefield said it is finding renewals to offer "the greatest upside to net operating income (NOI)" after loss-to-lease built up in the years following 2021, as in-place rents continued to lose ground to new leases.
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