The U.S. multifamily sector appears to have escaped the worst of the dire consequences on rent and absorption that many experts predicted as a result of overbuilding. Instead, strong demand led to increased net absorption, “marking the third-strongest first quarter in more than 20 years and surpassing the pre-pandemic first-quarter average,” a new CBRE report revealed.

Some 73,700 new apartments certainly materialized in 1Q 2024, contributing to a glut of 429,500 in the rolling-four-quarter total. but net absorption totaled 52,200 units. “Demand continues to close the gap with new supply, as some markets had near parity between the two in Q1,” the report noted. Deliveries in 2025 and later are expected to fall along with new construction.


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Philippa Maister

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