CBRE: Multifamily demand soars in Q2

The multifamily market gained considerable strength in the second quarter with near-record quarterly absorption of 179,400 units, reported CBRE. The overall vacancy rate fell by 70 basis points to a healthy 4 percent in the second quarter, and average rent rose by 3.5 percent from the first quarter — the second quarterly increase since first quarter 2020.

Multifamily investment volume increased by 34 percent quarter-over-quarter in the second quarter to $52.7 billion.

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