After more than a decade of outpacing expectations, the performance of the apartment market has moderated somewhat in recent years.
New deliveries from merchant builders have translated into higher supply, which is hitting several U.S. markets, and that has reduced multifamily occupancy levels from the highs experienced just after COVID. In turn, rent growth has slowed in many metros, and rents have actually declined in others. Meanwhile, investment sale volumes of multifamily properties have plunged.
