Multifamily Records Steady Growth
The U.S. multifamily sector continues to record steady growth. Although construction activity remains elevated, occupancy has increased. As of the end of the first quarter of 2019, occupancy equaled 95.2% according to recent data from RealPage. This represents a 20 basis point (bps) increase on a year-over-year basis. Rents have also continue their upward climb. But while the growth rate has moderated from the robust levels recorded during this cycle’s peak in 2015 and 2016, an annual increase of 3.3% remains above the decade average of 2.8%. Rent growth has been recorded for 35 consecutive quarters, which now matches the previous record set between 1993 and 2001.