The condition of the U.S. apartment market continues to weaken judging by four key criteria, according to an October survey by the National Multifamily Housing Council.

The Council defines "tight" markets as those with low vacancies and high rent increases. A reading above 50 on the market tightness index indicates that market conditions are getting tighter; a reading below 50 suggests the opposite.

For 3Q 23 the market tightness index came in at 21 – the fifth consecutive quarter where it scored well below the baseline. "Nearly two-thirds of respondents (64%) reported markets to be looser than three months ago," the report said. One in four thought conditions unchanged and a lucky 6% thought them tighter. By comparison, market tightness scores from April 2021 to July 2022 soared well above 50, reaching 96 in July 2021.