Healthy demand for U.S. multifamily apartments as rental growth slows in third quarter 2023

The U.S. multifamily market continued to see healthy demand in the third quarter of 2023, though rent growth slowed from previous highs, according to CBRE’s latest research.

The multifamily vacancy rate inched up by 10 basis points (bps) quarter-over-quarter to 5.1 percent in third quarter 2023. This was a slower increase than the 30 bps in first quarter 2023 and matches the 10 bps rise in second q