Marcus & Millichap publishes Institutional Multifamily Market Intelligence Report

Marcus & Millichap has released its Institutional Multifamily Market Intelligence Report. The report cites key national multifamily performance statistics from February on rent growth, lease renewals, and vacancy. Five select markets with significant momentum are highlighted.

“While markets that registered the most performance momentum early this year are mostly in areas where solid results were anticipated, a handful of markets showed unexpected performance momentum in early 2024,” said John Sebree, national director of Multi Housing Division, Marcus & Millichap and IPA.

Highlights of the report include:

Nationally, average monthly apartment rents have climbed $6 so far in 2024. This small improvement reverses the trend of mild rent cuts seen during the last half of 2023. Vacancy in the nation is holding steady with the end-of-2023 performance at 5.9 percent, an encouraging result given the big block of product completed in w