In May, the average length of time that a rental unit sat empty fell to 26 days, the shortest duration since August 2022, according to a Marcus & Millichap report. It also noted that new lease applications per unit increased in the last two months, and the velocity of lease renewals per unit also grew. 

Demand was never a significant problem for multifamily and new signs are emerging that this trend continues to move in landlords' favor.

Certainly many apartment residents know multifamily housing these days can be very enticing with the continued onslaught of amenities, indoors and outdoors, some new to the category to compete—organic gardening and beekeeping, anyone? Also, most new buildings offer the popular open-plan layouts with big windows in apartment units, and a strong Wi-Fi bandwidth is essential. Many buildings also deliver the space residents crave since the pandemic for their pets, to work from home and for their own leisure activities.