Driven by record-high interest rates, renting continues to be more economical than owning, increasing the spread between homeownership and apartment rental costs to $824 in first quarter 2024, an 18.4 percent increase year-over-year, according Newmark’s First quarter U.S. multifamily capital markets report.
In the first quarter, leasing demand surged, with a total of 103,826 units absorbed, marking the largest first quarter total since 2000 and outpacing the long-term first quarter average of 38,005 units by 2.7 times.
Southern markets — specifically Dallas, Au