Commercial
Multifamily vacancies rise as construction boom unwinds
Record Class A deliveries and uneven regional demand have pushed vacancies higher, widening rent premiums and reshaping multifamily performance
Nick Luettke is an economist at Moody’s Analytics who specializes in topics within housing, office and government policy. Along with multifamily housing and office performance, Luettke researches affordable housing, senior housing, migration trends and the web of zoning and climate policies driving change within commercial real estate.
Record Class A deliveries and uneven regional demand have pushed vacancies higher, widening rent premiums and reshaping multifamily performance
Shifting demographics and slowing household growth are reshaping multifamily market performance
Affordability challenges slow rent growth despite strong demand and declining vacancies
Moody’s Analytics reports that the senior housing vacancy rate in the first quarter of 2025 averaged 10.1%
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