Absorption in multifamily during the first half 2023 surged to 98,429 units, with an increase of 83,449 units in second quarter — nearly quadrupling the absorption seen in the first half 2022, according to Newmark in its latest Multifamily Capital Markets Report.
With a record-breaking 198,806 units already delivered in the first half 2023, total deliveries in 2023 are expected to surge 51.1 percent year-over-year.
Multifamily expenses increased 8.3 percent year-over-year, led by a 28.6 percent surge in insurance costs. While insurance growth rose nearly 30 percent,
