Multifamily Outlook Improves as Concessions Ease and Construction Hits a Decade Low, but High Rates Complicate Deals
A Marcus & Millichap research brief released November 5 says the U.S. apartment market's supply-demand balance is improving: the share of apartments offering concessions fell from a peak of 17% in May to 14.5% in September, and about 550,000 multifamily units were under construction in the third quarter, the lowest in more than a decade.
National apartment deliveries are projected to fall 18% in 2026, to about 434,000 units, and another 19% in 2027.
But high rates still complicate transactions: 43% of homebuilders cut prices in October, up from 38% in September, and the construction cost index rose for a tenth straight month. Third-quarter multifamily transaction volume was the second-highest in four years, yet the pricing gap between buyers and sellers keeps widening.
Source: Marcus & Millichap
Published by GSM · USA (original Chinese edition)
Photo: 加州弗雷斯诺市中心的高层公寓楼 Masten Towers。图：经 Wikimedia Commons（授权见该站文件页）。 / Masten Towers, a high-rise apartment building in downtown Fresno, California. Photo: via Wikimedia Commons (see the file page there for license terms).
