Insight
The country has absorbed roughly 1.5 million new market-rate multifamily units since early 2023, but new project pipelines are shrinking with construction dropping over 50% from its peak.
May rent trends run sideways as multifamily supply stays strong
Summary
Multifamily rents are rising modestly, hitting the lowest May increase since 2010 due to strong new supply. This indicates supply is a better check on costs than rent stabilization, though a slowdown in construction could lead to future supply crunches.
Key takeaway