Multifamily Sector Seeing a “Modest Slowdown”
According to Moody’s Analytics, multifamily net absorption came in at about 21,000 units nationally in the third quarter, “notably low” compared to the 84,040 units absorbed in the first half of the year.
Vacancy increased in 15 of the 79 primary U.S. markets tracked by Moody’s, 10 more than in the second quarter.
“While still historically robust, rent growth looked tame compared to the skyrocketing growth established a year ago. The likely culprit: affordability issues are finally squeezing some household budgets,” wrote Moody’s economists in a Q3 2022 Preliminary Trend Announcement this month.
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| from CRE.MoodysAnalytics.com Source: Moody’s Analytics CRE |
Read the full report at CRE.MoodysAnalytics.com
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