Robust demand keeps U.S. multifamily vacancy low

The overall U.S. multifamily vacancy rate fell to 4.1 percent in the fourth quarter, down 40 basis points year-over-year and the lowest fourth quarter level since 2000, reported CBRE.

Average multifamily rents increased by 2.6 percent year-over-year, slightly down from the growth rates of third quarter 2019 and a year ago but still relatively favorable and on par with the historical average of 2.6 percent.

Development remained active in fourth quarter 2019, with 71,600 units delivered, slightly above the four-year quarterly average of 66,800 units.

Net absorption continued to outpace completions in 2019, as 299,400 units were absorbed.

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