Multifamily Vacancy Rate Reaches Lowest Point in Two Years

“However, multifamily fundamentals have been positive so far this year. Renters absorbed nearly 147,000 net units during the first quarter, capping off a historic year of apartment leasing that ended with national vacancy down 90 basis points to 5%, the lowest point in two years. Even with elevated construction activity, vacancy decreased year-over-year in nearly all major metros and across all three classes, said Marcus & Millichap.“