Colliers Capital Markets – 2024 Multifamily Outlook Report

“The U.S. multifamily market has faced pressure in recent quarters. Occupancies have slipped due to a rise in development, resulting in the highest levels of completion in decades. As a result, vacancies have shifted more rapidly in demographic hotspots in the Southeast and Southwest, which have seen higher supply levels than Midwest and Northeast markets. Rising operating expenses have crimped NOI, and owners are battling higher financing costs. However, occupancies are at or near their low point, with forecasts showing improvement in the quarters ahead. High home prices and owners locked into low mortgage rates will keep renters in place.”