Vacancy

These dozen multifamily markets face elevated vacancy as weak demand has failed to absorb record-high supply.

Vacancy rates have been on the rise, pushed up by increasing supply and insufficient demand. Currently, 10 major markets lead the nation for above-average vacancy, based on the latest CoStar data for the first quarter of 2024.

After the last few years of rocketing growth and dramatic declines, is the turbulence in the multifamily market starting to slow? With rent growth normalizing and a flattening trajectory for vacancy rates, a period of stabilization may be ahead.