Multifamily supply continues to outpace demand across the country, with 520,000 new units expected to be delivered by the end of the year, according to Apartments.com, a CoStar Group online marketplace, which released an in-depth report of multifamily rent growth trends for second quarter 2023.
“Over the past six quarters, supply has continued to outpace demand, and the second quarter of 2023 was no exception,” said Jay Lybik, national director of multifamily analytics at CoStar Group. “Despite positive absorption and rising renter demand, it was not enough to match the 140,000 units delivered in the quarter which pushed the national vacancy rate higher.”
Across the multifamily industry, supply has outpaced demand for the past six quarters and the second quarter of 2023 kept to the same trend. More than 107,000 units were absorbed this quarter — a number that hasn’t been seen since third quarter 2021 — as demand began to recover. While a positive sign for
