After two years of elevated demand, the once scorching-hot multifamily market is showing signs of cooling down. More than 95,000 new units were delivered nationally in the first quarter of 2023. At the same time, approximately 19,200 units were absorbed in the first quarter.
Even so, vacant apartments were filled almost one week faster compared to one-year prior, and more people were applying for the same rental. According to a RentCafe report, eight renters are competing for vacant apartments this year compared to 11 last year.