Multifamily Fundamentals Strengthen in Q3

 

  • Q3 net absorption totaled 90,300 units, up by 300% from Q2 but down by 27.6% from a year ago.

 

  • The overall vacancy rate edged down 16 basis points (bps) quarter-over-quarter to 4.4% and average monthly rent fell by 1.6% to $1,694.

 

  • Despite declining rents, the multifamily market held up better than expected in Q3 given that enhanced unemployment benefits were not renewed.