Q2 2023 U.S. multifamily market overview

The U.S. multifamily market continued to see significant rent growth across all asset classes in Q2 2023, with most markets seeing rents grow by 20%+ since 2019. Despite this, occupancy growth has been stronger within Class A assets as 70.8% of markets have seen occupancy increases since 2019. However, rising interest rates have slowed investment volumes considerably in 2023, after reaching all-time highs between 2021-2022.

Decline in investment volume between H1 2022 and H1 2023

Multifamily investment volumes reached all-time highs in 2021 and 2022 but have since declined by over 70% when comparing H1 2022 and H1 2023 levels. H1 2023 investment levels are now at their lowest point since 2014.


Markets with class A rents growth over 20% since 2019

Class A asking rents have grown by more than 20% since 2019 in 50.0% of top the markets, while 66% of those markets have seen class B rents increase by over 20%.


Markets that have seen class A occupancy grow since 2019

Over 70% of the top multifamily markets have reported class A occupancy growth since 2019; however, just 25% of those markets seen class B occupancy growth.