Yardi has revised its 2022 year-end outlook for multifamily rent and occupancy upward from 6.9% to 7.6%, as many midsize markets in the Southeast and Midwest continue to overperform.
At the same time, Yardi has lowered its 2023 expectations from 3.7% to 3.5%.
"We do expect some localized turbulence in markets that see a large amount of supply introduced, but how that plays out will largely depend on local job markets and how they fare during the coming downturn," writes Yardi Senior Research Analyst Andrew Semmes.
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