Multifamily supply overabundance continues to keep owners from seeing the vacancy rates and rents they otherwise might have, says RealPage.

RealPage had previously estimated that multifamily deliveries would top last year's record-breaking levels by half.

The effects were already seen in the first quarter. "Despite apartment demand recovering to stand above normal levels in 1st quarter 2024, even heavier supply continued to weigh down rent and occupancy figures," RealPage wrote.

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