The multifamily sector has been a growing disappointment. Not that it was expected to be otherwise. Interest rates up, consumers beset with higher prices and growing concerns over potential layoffs. Companies wondering how close a recession is. Transaction volumes have been down and rent growth slowed. Refinancing properties is tight and expensive.
But there's some good news for owners and operators, says RealPage. Net apartment demand has recovered and is once again positive in the first quarter of 2023.
"The U.S. apartment market added 19,243 net new renters in the first three months of 2023, according to 1st quarter data from RealPage Market Analytics," the company wrote. "That marked an improvement over 2022, when net absorption registered at -114,000 units despite strong job growth across the country."
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