There's good news in 2023 for multifamily says a CBRE report. Overall demand should hold steady. But a moderating force of new units is coming online, so don't expect the results of the previous two years.

"It appears 2022 will be a turning point for multifamily fundamentals," CBRE wrote. "Leasing activity was unseasonably slow in the summer when demand is typically at its strongest. This coincided with a steady pace of new deliveries, causing the overall vacancy rate to rise by 150 bps in Q2 and Q3 2022, pressuring rents."

And yet, the firm says that still-strong housing fundamentals should keep occupancy rates higher than 95% and rent growth at 4%. That is far from the vacancy rates below 3% and double-digit rent increases that the pandemic ultimately brought, and rents won't keep pace with ongoing inflation.