Dow
nload Colliers 22Q4 Multifamily Viewpoint Here
Takeaways:
- Occupancies are better than the 10-year average.
- Rent growth has lost steam.
- Fewer units are underway.
- Sales volume and pricing may be moderating.
Apartment market vacancies are healthy, ending 2022 at 5.3%. Although better than the 10-year average, the rate is also about 90 basis points worse than year-ago levels, since new construction outpaced demand last year. With vacancies inching up and a ton of new competition, landlords are no longer pushing rents the way they were in 2021 and early 2022. Increasing mortgage rates are creating higher hurdles to enter the for-sale market, likely bolstering occupancies. Several factors could dampen multifamily demand in 2023, the most important being that if the job market stalls, leasing prospects will dim
