GITNUXREPORT 2026

Multifamily Apartment Industry Statistics

The multifamily apartment sector remained resilient despite record new construction and shifting economic conditions in 2023.

Alexander Schmidt

Research Analyst specializing in technology and digital transformation trends.

First published: Feb 13, 2026

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Statistic 1

Multifamily housing starts totaled 510,000 units in 2023, up 15% from 2022.

Statistic 2

Under-construction multifamily inventory peaked at 800,000 units in Q2 2023.

Statistic 3

Permits for multifamily buildings issued: 450,000 units in top metros 2023.

Statistic 4

Southeast led with 30% of national multifamily deliveries in 2023.

Statistic 5

Absorption of new multifamily supply averaged 85% within 12 months in 2023.

Statistic 6

Total multifamily units completed: 440,000 in Sun Belt states alone 2023.

Statistic 7

Adaptive reuse projects added 25,000 multifamily units in urban areas 2023.

Statistic 8

High-rise multifamily construction costs rose 7% to $450/sq ft in 2023.

Statistic 9

Groundbreaking for affordable multifamily dropped 10% to 120,000 units 2023.

Statistic 10

2024 projected deliveries: 400,000 units amid rising interest rates.

Statistic 11

Multifamily deliveries totaled 510,000 units, with 60% in South region 2023.

Statistic 12

Construction pipeline shrank 20% to 700,000 units by Q4 2023.

Statistic 13

Modular construction accounted for 5% of new multifamily starts 2023.

Statistic 14

Boston high-rise deliveries added 8,000 units in 2023 urban core.

Statistic 15

Entitlement delays averaged 18 months for multifamily projects 2023.

Statistic 16

Green building certifications (LEED) on 25% of new multifamily 2023.

Statistic 17

Total multifamily spending on construction hit $120 billion in 2023.

Statistic 18

Historic conversions delivered 15,000 multifamily units nationwide 2023.

Statistic 19

Pacific Northwest permits issued for 50,000 units in 2023.

Statistic 20

Single-family rentals converting to multifamily at 2% rate 2023.

Statistic 21

Total multifamily under construction fell to 750,000 units Q4 2023.

Statistic 22

Charlotte deliveries: 12,000 units, 90% absorbed within 6 months 2023.

Statistic 23

Labor shortages delayed 15% of multifamily projects by 3+ months 2023.

Statistic 24

Mass timber used in 10% of mid-rise multifamily builds 2023.

Statistic 25

DC area permits for 15,000 units amid zoning reforms 2023.

Statistic 26

Cost per unit for garden apartments: $180,000 average 2023.

Statistic 27

Student housing starts: 45,000 beds nationwide in 2023.

Statistic 28

Net new supply absorption rate: 350,000 units annually 2023.

Statistic 29

Houston pipeline: 50,000 units, highest per capita in US 2023.

Statistic 30

Tax credit financed 150,000 LIHTC multifamily units 2023.

Statistic 31

Institutional multifamily investment reached $85 billion in 2023.

Statistic 32

Average multifamily cap rate compressed to 5.1% in gateway cities 2023.

Statistic 33

Debt financing for multifamily deals totaled $200 billion in 2023.

Statistic 34

REIT multifamily portfolios valued at $300 billion market cap end-2023.

Statistic 35

Sales volume for multifamily properties fell 40% to $120 billion in 2023.

Statistic 36

IRR for core multifamily investments averaged 7.2% over 5 years to 2023.

Statistic 37

Fannie Mae and Freddie Mac backed 60% of multifamily mortgages in 2023.

Statistic 38

Value-add multifamily returns hit 12.5% amid renovations boom 2023.

Statistic 39

Foreign investment in U.S. multifamily declined to 5% of total volume 2023.

Statistic 40

Multifamily loan originations dropped 25% to $150 billion in 2023.

Statistic 41

Private equity dry powder for multifamily: $50 billion available 2023.

Statistic 42

Distress sales in multifamily rose to 10% of transactions in 2023.

Statistic 43

Core multifamily debt yields averaged 6.8% for floating-rate loans 2023.

Statistic 44

Pension fund allocation to multifamily increased to 12% of portfolios 2023.

Statistic 45

Bridge loan multifamily volume: $40 billion amid rate hikes 2023.

Statistic 46

Multifamily EBITDA margins averaged 55% for top operators 2023.

Statistic 47

CMBS multifamily exposure totaled $75 billion outstanding 2023.

Statistic 48

Opportunistic multifamily funds raised $20 billion in capital 2023.

Statistic 49

Leverage ratios for multifamily acquisitions averaged 65% LTV 2023.

Statistic 50

Multifamily transaction volume: $110 billion, down 45% YoY 2023.

Statistic 51

Agency multifamily debt spreads widened to 140 bps in 2023.

Statistic 52

Recapitalizations of existing multifamily loans: $30 billion 2023.

Statistic 53

Yield on cost for new developments averaged 6.2% in 2023.

Statistic 54

Insurance premium hikes: 20% for coastal multifamily 2023.

Statistic 55

Mezzanine debt for multifamily: $15 billion originated 2023.

Statistic 56

NAV growth for multifamily REITs: 2.5% despite rates 2023.

Statistic 57

Foreclosure rates on multifamily loans: 0.3% nationally 2023.

Statistic 58

GP/LP splits averaged 80/20 for new multifamily funds 2023.

Statistic 59

Exit cap rates expanded to 5.6% for stabilized assets 2023.

Statistic 60

In 2023, the U.S. multifamily housing market reached a total inventory of 45.2 million units, marking a 2.1% increase from 2022.

Statistic 61

The multifamily sector accounted for 18% of all U.S. rental housing stock as of Q4 2023.

Statistic 62

Global multifamily investment volume hit $145 billion in 2022, with the U.S. representing 60% of that total.

Statistic 63

U.S. multifamily completions reached 485,000 units in 2023, the highest annual total since 1970.

Statistic 64

The average age of U.S. multifamily properties is 28 years, with 40% built before 1980.

Statistic 65

Multifamily housing starts surged 25% year-over-year to 450,000 units in Q3 2023.

Statistic 66

The U.S. multifamily market cap rate averaged 5.4% in 2023 across major metros.

Statistic 67

Institutional ownership of multifamily assets grew to 15% of total inventory by 2023.

Statistic 68

Multifamily represented 35% of new commercial real estate investment in 2022.

Statistic 69

The U.S. multifamily sector saw net absorption of 320,000 units in 2023.

Statistic 70

Multifamily properties comprised 22 million Class B/C units in 2023 inventory.

Statistic 71

Pandemic-driven demand boosted multifamily starts by 50% from 2019 levels by 2023.

Statistic 72

Share of multifamily in total housing completions was 28% in 2023.

Statistic 73

ESG-compliant multifamily assets grew 15% in portfolio share to 2023.

Statistic 74

Tech-integrated smart apartments represented 12% of new builds in 2023.

Statistic 75

U.S. multifamily market generated $450 billion in annual rental revenue 2023.

Statistic 76

Institutional investors controlled 20% of Class A multifamily stock 2023.

Statistic 77

Remote work shifted 15% of demand to suburban multifamily 2023.

Statistic 78

Proptech investments in multifamily totaled $8 billion in 2023.

Statistic 79

Hurricane recovery added 10,000 temporary multifamily units 2023.

Statistic 80

Pet-friendly multifamily units comprised 85% of new inventory 2023.

Statistic 81

Amenities spending per unit rose to $2,500 annually in 2023.

Statistic 82

EV charging stations in 40% of new multifamily garages 2023.

Statistic 83

U.S. multifamily vacancy rate stabilized at 6.8% in Q4 2023 after peaking at 7.5% earlier.

Statistic 84

National multifamily occupancy rate reached 94.2% in December 2023.

Statistic 85

Sun Belt markets like Atlanta saw occupancy rates climb to 95.1% in 2023.

Statistic 86

Class A multifamily properties maintained 96.5% occupancy in top 50 metros Q3 2023.

Statistic 87

Physical vacancy for garden-style apartments averaged 5.9% nationwide in 2023.

Statistic 88

Midwest multifamily markets experienced the lowest vacancy at 5.2% in Q4 2023.

Statistic 89

Post-pandemic, multifamily economic occupancy recovered to 93.8% by end-2023.

Statistic 90

Luxury segment vacancy dipped to 4.8% in coastal gateways in 2023.

Statistic 91

Suburban multifamily occupancy outperformed urban by 1.2 percentage points in 2023.

Statistic 92

Asking vacancy for new deliveries averaged 12% in first year post-completion 2023.

Statistic 93

Texas multifamily markets held steady at 92.5% occupancy amid supply wave 2023.

Statistic 94

Hurricane-impacted Florida markets still held 93% occupancy in 2023.

Statistic 95

Oversupply pushed Austin vacancy to 10.2% peak in Q3 2023.

Statistic 96

Senior housing multifamily vacancy stabilized at 8.5% nationally 2023.

Statistic 97

Student housing segment occupancy rebounded to 95.8% post-COVID 2023.

Statistic 98

Economic vacancy including concessions averaged 7.1% in 2023.

Statistic 99

Inland Empire, CA, saw vacancy drop from 6% to 4.5% in 2023.

Statistic 100

Military housing multifamily maintained 98% occupancy in 2023 bases.

Statistic 101

Workforce housing vacancy averaged 6.2% in 50 major metros 2023.

Statistic 102

Seattle multifamily occupancy hit 97% despite tech layoffs 2023.

Statistic 103

Nashville vacancy held at 4.9% despite 20,000 deliveries 2023.

Statistic 104

Affordable multifamily vacancy at 7.8% vs market 6.5% in 2023.

Statistic 105

Phoenix economic occupancy recovered to 94% after supply peak 2023.

Statistic 106

Class B/C occupancy outperformed Class A by 0.8 points in 2023.

Statistic 107

Las Vegas vacancy climbed to 8.1% with convention demand lag 2023.

Statistic 108

Overall portfolio occupancy for top 50 managers: 95.3% 2023.

Statistic 109

Urban core vacancy stabilized at 9.2% post-migration 2023.

Statistic 110

Midwest rust belt markets at 93.8% occupancy average 2023.

Statistic 111

Portland, OR vacancy at 6.7% with wildfire displacement impact 2023.

Statistic 112

National average multifamily rent grew 3.2% year-over-year in Q4 2023.

Statistic 113

Median U.S. multifamily asking rent reached $1,682 per month in December 2023.

Statistic 114

Phoenix saw 5.1% rent growth for Class B properties in 2023.

Statistic 115

Effective rent per unit increased 2.8% nationally, adjusted for concessions Q3 2023.

Statistic 116

New York metro average rent hit $4,100 for luxury units in 2023.

Statistic 117

Rent-to-income ratio for multifamily tenants averaged 28.5% in 2023.

Statistic 118

Class C rents rose 4.2% in secondary markets like Indianapolis 2023.

Statistic 119

Concession rates peaked at 15% of gross rent in oversupplied markets 2023.

Statistic 120

Asking rents for 1-bedroom units averaged $1,500 nationally in Q4 2023.

Statistic 121

Rent growth slowed to 1.9% in top 100 metros by year-end 2023.

Statistic 122

2-bedroom unit rents surged 4.5% nationally to $1,950 average 2023.

Statistic 123

Rent control impacted 15% of multifamily units in regulated markets 2023.

Statistic 124

Same-store NOI growth for multifamily portfolios was 4.1% in 2023.

Statistic 125

Miami luxury rents exceeded $3,500/month average in 2023.

Statistic 126

Rent delinquency rates fell to 1.8% for multifamily in Q4 2023.

Statistic 127

Affordable housing rents capped at 30% AMI averaged $1,100 in 2023.

Statistic 128

Concessions equivalent to 8 weeks free rent in high-supply areas 2023.

Statistic 129

Studio apartment rents grew slowest at 2.1% YoY to $1,450 in 2023.

Statistic 130

Denver saw negative rent growth of -0.5% amid supply glut 2023.

Statistic 131

Atlanta 1-bedroom rents up 6.2% to $1,720 in 2023.

Statistic 132

Same-store rent growth for REITs averaged 3.8% in 2023.

Statistic 133

San Francisco rents declined 2.1% to $2,950 amid exodus 2023.

Statistic 134

Free rent concessions averaged 6 weeks in Southeast markets 2023.

Statistic 135

Rent growth in Midwest outpaced coasts at 4.5% average 2023.

Statistic 136

Luxury penetration reached 25% of inventory with $3,000+ rents 2023.

Statistic 137

Eviction moratorium lift led to 2.5% rent adjustment nationwide 2023.

Statistic 138

3-bedroom family units rents +3.9% to $2,400 national avg 2023.

Statistic 139

Chicago regulated rents grew only 1.2% under caps 2023.

Statistic 140

Orlando short-term rental conversions impacted long-term by 5% 2023.

1/140

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While construction cranes dot the skyline like never before, delivering over 485,000 new multifamily units in 2023 alone, the true story of this dynamic $450 billion industry is told in the nuanced data on occupancy, rent growth, and investment flows that define our current market reality.

Key Takeaways

In 2023, the U.S. multifamily housing market reached a total inventory of 45.2 million units, marking a 2.1% increase from 2022.
The multifamily sector accounted for 18% of all U.S. rental housing stock as of Q4 2023.
Global multifamily investment volume hit $145 billion in 2022, with the U.S. representing 60% of that total.
U.S. multifamily vacancy rate stabilized at 6.8% in Q4 2023 after peaking at 7.5% earlier.
National multifamily occupancy rate reached 94.2% in December 2023.
Sun Belt markets like Atlanta saw occupancy rates climb to 95.1% in 2023.
National average multifamily rent grew 3.2% year-over-year in Q4 2023.
Median U.S. multifamily asking rent reached $1,682 per month in December 2023.
Phoenix saw 5.1% rent growth for Class B properties in 2023.
Multifamily housing starts totaled 510,000 units in 2023, up 15% from 2022.
Under-construction multifamily inventory peaked at 800,000 units in Q2 2023.
Permits for multifamily buildings issued: 450,000 units in top metros 2023.
Institutional multifamily investment reached $85 billion in 2023.
Average multifamily cap rate compressed to 5.1% in gateway cities 2023.
Debt financing for multifamily deals totaled $200 billion in 2023.

The multifamily apartment sector remained resilient despite record new construction and shifting economic conditions in 2023.

Construction & Development

Multifamily housing starts totaled 510,000 units in 2023, up 15% from 2022.
Under-construction multifamily inventory peaked at 800,000 units in Q2 2023.
Permits for multifamily buildings issued: 450,000 units in top metros 2023.
Southeast led with 30% of national multifamily deliveries in 2023.
Absorption of new multifamily supply averaged 85% within 12 months in 2023.
Total multifamily units completed: 440,000 in Sun Belt states alone 2023.
Adaptive reuse projects added 25,000 multifamily units in urban areas 2023.
High-rise multifamily construction costs rose 7% to $450/sq ft in 2023.
Groundbreaking for affordable multifamily dropped 10% to 120,000 units 2023.
2024 projected deliveries: 400,000 units amid rising interest rates.
Multifamily deliveries totaled 510,000 units, with 60% in South region 2023.
Construction pipeline shrank 20% to 700,000 units by Q4 2023.
Modular construction accounted for 5% of new multifamily starts 2023.
Boston high-rise deliveries added 8,000 units in 2023 urban core.
Entitlement delays averaged 18 months for multifamily projects 2023.
Green building certifications (LEED) on 25% of new multifamily 2023.
Total multifamily spending on construction hit $120 billion in 2023.
Historic conversions delivered 15,000 multifamily units nationwide 2023.
Pacific Northwest permits issued for 50,000 units in 2023.
Single-family rentals converting to multifamily at 2% rate 2023.
Total multifamily under construction fell to 750,000 units Q4 2023.
Charlotte deliveries: 12,000 units, 90% absorbed within 6 months 2023.
Labor shortages delayed 15% of multifamily projects by 3+ months 2023.
Mass timber used in 10% of mid-rise multifamily builds 2023.
DC area permits for 15,000 units amid zoning reforms 2023.
Cost per unit for garden apartments: $180,000 average 2023.
Student housing starts: 45,000 beds nationwide in 2023.
Net new supply absorption rate: 350,000 units annually 2023.
Houston pipeline: 50,000 units, highest per capita in US 2023.
Tax credit financed 150,000 LIHTC multifamily units 2023.

Construction & Development Interpretation

The industry sprinted to start over half a million units while costs climbed and the pipeline shrank, proving that building apartments is a high-stakes game of beating the clock before financing, labor, and interest rates can say "time's up."

Investment & Finance

Institutional multifamily investment reached $85 billion in 2023.
Average multifamily cap rate compressed to 5.1% in gateway cities 2023.
Debt financing for multifamily deals totaled $200 billion in 2023.
REIT multifamily portfolios valued at $300 billion market cap end-2023.
Sales volume for multifamily properties fell 40% to $120 billion in 2023.
IRR for core multifamily investments averaged 7.2% over 5 years to 2023.
Fannie Mae and Freddie Mac backed 60% of multifamily mortgages in 2023.
Value-add multifamily returns hit 12.5% amid renovations boom 2023.
Foreign investment in U.S. multifamily declined to 5% of total volume 2023.
Multifamily loan originations dropped 25% to $150 billion in 2023.
Private equity dry powder for multifamily: $50 billion available 2023.
Distress sales in multifamily rose to 10% of transactions in 2023.
Core multifamily debt yields averaged 6.8% for floating-rate loans 2023.
Pension fund allocation to multifamily increased to 12% of portfolios 2023.
Bridge loan multifamily volume: $40 billion amid rate hikes 2023.
Multifamily EBITDA margins averaged 55% for top operators 2023.
CMBS multifamily exposure totaled $75 billion outstanding 2023.
Opportunistic multifamily funds raised $20 billion in capital 2023.
Leverage ratios for multifamily acquisitions averaged 65% LTV 2023.
Multifamily transaction volume: $110 billion, down 45% YoY 2023.
Agency multifamily debt spreads widened to 140 bps in 2023.
Recapitalizations of existing multifamily loans: $30 billion 2023.
Yield on cost for new developments averaged 6.2% in 2023.
Insurance premium hikes: 20% for coastal multifamily 2023.
Mezzanine debt for multifamily: $15 billion originated 2023.
NAV growth for multifamily REITs: 2.5% despite rates 2023.
Foreclosure rates on multifamily loans: 0.3% nationally 2023.
GP/LP splits averaged 80/20 for new multifamily funds 2023.
Exit cap rates expanded to 5.6% for stabilized assets 2023.

Investment & Finance Interpretation

Despite a staggering $200 billion in debt financing and deep-pocketed institutional fervor, the multifamily market in 2023 presented a paradox of relentless capital chasing compressed yields, all while navigating a sharp transaction slowdown, rising distress, and the ever-watchful eye of the government-sponsored enterprises.

Market Overview

In 2023, the U.S. multifamily housing market reached a total inventory of 45.2 million units, marking a 2.1% increase from 2022.
The multifamily sector accounted for 18% of all U.S. rental housing stock as of Q4 2023.
Global multifamily investment volume hit $145 billion in 2022, with the U.S. representing 60% of that total.
U.S. multifamily completions reached 485,000 units in 2023, the highest annual total since 1970.
The average age of U.S. multifamily properties is 28 years, with 40% built before 1980.
Multifamily housing starts surged 25% year-over-year to 450,000 units in Q3 2023.
The U.S. multifamily market cap rate averaged 5.4% in 2023 across major metros.
Institutional ownership of multifamily assets grew to 15% of total inventory by 2023.
Multifamily represented 35% of new commercial real estate investment in 2022.
The U.S. multifamily sector saw net absorption of 320,000 units in 2023.
Multifamily properties comprised 22 million Class B/C units in 2023 inventory.
Pandemic-driven demand boosted multifamily starts by 50% from 2019 levels by 2023.
Share of multifamily in total housing completions was 28% in 2023.
ESG-compliant multifamily assets grew 15% in portfolio share to 2023.
Tech-integrated smart apartments represented 12% of new builds in 2023.
U.S. multifamily market generated $450 billion in annual rental revenue 2023.
Institutional investors controlled 20% of Class A multifamily stock 2023.
Remote work shifted 15% of demand to suburban multifamily 2023.
Proptech investments in multifamily totaled $8 billion in 2023.
Hurricane recovery added 10,000 temporary multifamily units 2023.
Pet-friendly multifamily units comprised 85% of new inventory 2023.
Amenities spending per unit rose to $2,500 annually in 2023.
EV charging stations in 40% of new multifamily garages 2023.

Market Overview Interpretation

In a year where we built more apartments than since bell-bottoms were in style, America is frantically modernizing its aging housing stock, with investors betting big that our love for pets, amenities, and tech will make renting the new American pastime.

Occupancy & Vacancy

U.S. multifamily vacancy rate stabilized at 6.8% in Q4 2023 after peaking at 7.5% earlier.
National multifamily occupancy rate reached 94.2% in December 2023.
Sun Belt markets like Atlanta saw occupancy rates climb to 95.1% in 2023.
Class A multifamily properties maintained 96.5% occupancy in top 50 metros Q3 2023.
Physical vacancy for garden-style apartments averaged 5.9% nationwide in 2023.
Midwest multifamily markets experienced the lowest vacancy at 5.2% in Q4 2023.
Post-pandemic, multifamily economic occupancy recovered to 93.8% by end-2023.
Luxury segment vacancy dipped to 4.8% in coastal gateways in 2023.
Suburban multifamily occupancy outperformed urban by 1.2 percentage points in 2023.
Asking vacancy for new deliveries averaged 12% in first year post-completion 2023.
Texas multifamily markets held steady at 92.5% occupancy amid supply wave 2023.
Hurricane-impacted Florida markets still held 93% occupancy in 2023.
Oversupply pushed Austin vacancy to 10.2% peak in Q3 2023.
Senior housing multifamily vacancy stabilized at 8.5% nationally 2023.
Student housing segment occupancy rebounded to 95.8% post-COVID 2023.
Economic vacancy including concessions averaged 7.1% in 2023.
Inland Empire, CA, saw vacancy drop from 6% to 4.5% in 2023.
Military housing multifamily maintained 98% occupancy in 2023 bases.
Workforce housing vacancy averaged 6.2% in 50 major metros 2023.
Seattle multifamily occupancy hit 97% despite tech layoffs 2023.
Nashville vacancy held at 4.9% despite 20,000 deliveries 2023.
Affordable multifamily vacancy at 7.8% vs market 6.5% in 2023.
Phoenix economic occupancy recovered to 94% after supply peak 2023.
Class B/C occupancy outperformed Class A by 0.8 points in 2023.
Las Vegas vacancy climbed to 8.1% with convention demand lag 2023.
Overall portfolio occupancy for top 50 managers: 95.3% 2023.
Urban core vacancy stabilized at 9.2% post-migration 2023.
Midwest rust belt markets at 93.8% occupancy average 2023.
Portland, OR vacancy at 6.7% with wildfire displacement impact 2023.

Occupancy & Vacancy Interpretation

The multifamily market is a story of resilience and nuance, where overall health masks dramatic subplots of oversupply, migration, and enduring demand for everything from luxury towers to military bases.

Rents & Pricing

National average multifamily rent grew 3.2% year-over-year in Q4 2023.
Median U.S. multifamily asking rent reached $1,682 per month in December 2023.
Phoenix saw 5.1% rent growth for Class B properties in 2023.
Effective rent per unit increased 2.8% nationally, adjusted for concessions Q3 2023.
New York metro average rent hit $4,100 for luxury units in 2023.
Rent-to-income ratio for multifamily tenants averaged 28.5% in 2023.
Class C rents rose 4.2% in secondary markets like Indianapolis 2023.
Concession rates peaked at 15% of gross rent in oversupplied markets 2023.
Asking rents for 1-bedroom units averaged $1,500 nationally in Q4 2023.
Rent growth slowed to 1.9% in top 100 metros by year-end 2023.
2-bedroom unit rents surged 4.5% nationally to $1,950 average 2023.
Rent control impacted 15% of multifamily units in regulated markets 2023.
Same-store NOI growth for multifamily portfolios was 4.1% in 2023.
Miami luxury rents exceeded $3,500/month average in 2023.
Rent delinquency rates fell to 1.8% for multifamily in Q4 2023.
Affordable housing rents capped at 30% AMI averaged $1,100 in 2023.
Concessions equivalent to 8 weeks free rent in high-supply areas 2023.
Studio apartment rents grew slowest at 2.1% YoY to $1,450 in 2023.
Denver saw negative rent growth of -0.5% amid supply glut 2023.
Atlanta 1-bedroom rents up 6.2% to $1,720 in 2023.
Same-store rent growth for REITs averaged 3.8% in 2023.
San Francisco rents declined 2.1% to $2,950 amid exodus 2023.
Free rent concessions averaged 6 weeks in Southeast markets 2023.
Rent growth in Midwest outpaced coasts at 4.5% average 2023.
Luxury penetration reached 25% of inventory with $3,000+ rents 2023.
Eviction moratorium lift led to 2.5% rent adjustment nationwide 2023.
3-bedroom family units rents +3.9% to $2,400 national avg 2023.
Chicago regulated rents grew only 1.2% under caps 2023.
Orlando short-term rental conversions impacted long-term by 5% 2023.

Rents & Pricing Interpretation

The rental market is a tale of extremes, where the relentless upward march of national rents to a median of $1,682 hides a fragmented reality of landlords offering weeks of free rent in oversupplied Denver while squeezing tenants in booming Atlanta, revealing an industry where affordability crises and luxury expansions are uncomfortably coexisting.

Sources & References

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