The multifamily market is beginning to stabilize in the three-star space, with rent holding positive at 1.7% in the second quarter – a nice uptick for the first time since 2021 – while four- and five-star properties went negative, according to CoStar.
It will take another 12 months for the supply and rent imbalance at the top end of the market to stabilize, it predicts.
Meanwhile, the national vacancy rate held steady at 6.9% through the first two months of the third quarter – a significant development given the fast run-up experienced in vacancy since the third quarter of 2021, CoStar said.
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