Multifamily Market Has Stabilized: CBRE
While the pandemic is still impacting the industry, recent data shows the overall vacancy rate rose 20 basis points, the first quarterly increase since last year.
May 5, 2021 | Gail Kalinoski | Multi-Housing News
CBRE’s Q1 2021 U.S. Multifamily Figures report shows the national multifamily market has stabilized in the first quarter of the year after three quarters of softening and one quarter earlier than expected.
The overall vacancy rate rose by 20 basis points to 4.7 percent and average rent rose 0.4 percent—the first quarterly rent increase since the first quarter of 2020.
While the pandemic is still impacting the multifamily industry with overall Q1 market conditions weaker than they were a year ago, CBRE notes the stabilization “provides a solid foundation for recovery, especially in Q2 and Q3.” CBRE also expects there will be further improvement over the next two quarters due to “seasonality, widespread vaccinations, an improving economy, additional fiscal stimulus and a return of office workers.”
