The U.S. multifamily market gained momentum in second quarter 2026 as apartment demand accelerated and new construction continued to moderate, according to CBRE’s latest research.
Net absorption, which measures the change in occupied units, totaled 167,500 units in Q2 2026, nearly double the 84,300 units absorbed in Q1 2026. The national multifamily vacancy rate declined 50 basis points quarter-over-quarter to 4.3 percent, below its long-term average of approximately 5 percent.
New supply growth continued to ease, with 77,700 units delivered in Q2 2026, a 14 percent decrease from a year earlier. Construction activity is expected to slow further in the coming quarters. Net absorption exceeded new construction completions for the second consecutive quarter, signaling improving market fundamentals.
Average monthly rent rose 0.5 percent year-over-year and 1.5 percent quarter-over-quarter to $2,257 in Q2 2026. Rent growth continued to improve, supported by stronger
