Apartments Have Stabilized Earlier Than Expected

In Q1 2021, the US multifamily market stabilized a quarter earlier than expected, according to a new report from CBRE.

While vacancy rose by 20 basis points to 4.7% in the quarter, the average rent rose 0.4%. That was the first quarterly rent increase since the pandemic began. Still, the average rent was down 4.2%, and vacancy was up 50 basis points compared to a year ago.