The multifamily market is beginning to show signs of improvement and stabilization—but still has challenges ahead in certain areas, such as a rising level of concessions.

A new report from MRI Real Estate Software found that move-in numbers have improved, behind only 3% compared to last year as of September. On the other hand, concession volume is up 21% compared to last year, while concessions values are up 13%. Since April, concession values have increased 82%.

Like move-in rates, new applications have increased in step. Traffic, on the other hand, has decreased since hitting a post-pandemic peak in June. However, traffic is still above 2019 numbers. Landlords have also increased adoption of leasing technologies during the pandemic to drive leasing activity, and it has worked. As a result, there has been improving new leasing and move-in activity for multifamily.