What's happening now in multifamily leasing is similar to a play with many scenes that have a common theme running through: more new units have been added to inventory nationwide but the number seeking housing is not as robust as in the prior year. Specifically, the first quarter of 2023 delivered 95,000 new units with 19,200 of them absorbed, according to a report by Berkadia.
Consider the following examples, or scenes if you will, from this quarter's leasing season.
The change in leasing velocity has led to apartments staying vacant for an average of 30 days and occupancy averaging 94.8% in the first quarter, according to RealPage. This represents a two-day drop from the prior quarter but four days higher than the 26-day average before the pandemic.
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