The U.S. multifamily sector continues to prove its resilience, even amid some obvious softening in the market. Rental rates are relatively flat overall, with the national multifamily asking rent up just slightly in April at $1,750 and year-over-year growth falling to -0.2%, according to Yardi Matrix. At the same time, the average national occupancy rate held at 94.2% in March but declined 0.5% annually.
However, because rental demand itself is unwavering — in part due to the unaffordability of homeownership — both metrics are likely a reflection of the widely reported surge in new unit supply that was delivered over the last two years. In 2024, the biggest annual volume of new apartments hit the market since 1986, with 608,000 units complet...
