Multifamily Rents Retreat As Supply Overwhelms Tempered Demand

We expected demand for apartments would moderate from the record levels posted last year, but leasing activity during the all-important spring/summer season significantly under-performed. Year to date, the U.S. apartment market has absorbed only 200,000 units, the net change between the total number of units occupied or vacated, with just 60,000 units absorbed in the typically strong summer leasing season third quarter.