Multifamily Reports

Apartment Update®

Q3 2023 National Report Card

Download our latest national report or download a local market report below.

Berkadia Research compiles economic and market data to uncover insights and trends that arm commercial real estate investors with valuable insights to drive acquisition and disposition strategies and methods of financing.

Q3 2023 Multifamily MArket Report Cards:

Within each report card, you’ll find a comparison between Berkadia’s 2023 forecast and progress year to date. This year’s third-quarter market reports will provide you with valuable insights on the latest multifamily and demographic trends to help you better navigate the current economic landscape and set your strategy for the remainder of this year and into 2024.

Employment Growth

Robust hiring continued; U.S. employment expanded 1.5% YTD, exceeding the forecast for all of 2023

Housing Deliveries

Though the pace of deliveries trailed projections, more than 320.6K units have come online YTD and surpassed 2022’s total


Rental demand rebounded with more than 184.9K net units absorbed YTD, compared to negative absorption during the same time last year

Monthly Effective Rent

With apartment concessions at 4.5%, monthly effective rent advanced 2.3% YTD to $1,824 in Q3

Navigating Insurance
Challenges in CRE Underwriting

Danielle Lombardo, Chair, Lockton’s Global Real Estate Practice, will offer her perspective into the significant tightening of the commercial real estate insurance market and the impact it’s had on premiums and coverage for multifamily investors.

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