Multifamily fundamentals are showing encouraging signs for investors. CBRE reports that more than two units were absorbed for every unit completed during the second quarter of this year, lowering the national vacancy rate to 4.1 percent, down from 5.5 percent one year prior. Year-over-year effective rent growth increased to 1.2 percent during the second quarter, the first time in two years the rate surpassed 1 percent. CBRE estimates that multifamily construction starts at midyear were 74 percent below their 2021 peak and 30 percent below their pre-pandemic average. Yardi Matrix …
