September 5, 2022
Marcus & Millichap Special Report: Multifamily National Report 3Q 2022
Rental demand momentarily settles after an outstanding stretch. The multifamily sector entered 2022 in a historic position...

Marcus & Millichap Special Report: Multifamily National Report 3Q 2022

September 2, 2022 | Marcus & Millichap

Demand Momentum Eases After a Record Surge; Robust Fundamentals Sustain Sector

Rental demand momentarily settles after an outstanding stretch. The multifamily sector entered 2022 in a historic position of strength. National vacancy was 120 basis points below any quarterly recording spanning 2000-2019, stimulating a competitive market among tenants, which accelerated rent growth. The average effective monthly rent in the U.S. rose nearly 16 percent in 2021, with annual jumps eclipsing 25 percent in several major Sun Belt markets. However, in the first half of 2022 — particularly in the second quarter — demand began to normalize as roughly 80,000 fewer households were created in the U.S. relative to the same six months of 2021. The cool down was prompted by economic headwinds, as well as inflationary impacts on household budgets, including adjusting for higher rent payments. Even with a slower second half, vacancy at midyear leaves ample leeway before rates in most metros approach pre-pandemic levels.

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