The just-released quarterly survey for April 2024 conducted by the National Multifamily Housing Council confirms what many owners and operators already know: nationally, the market is looser – meaning there are higher vacancy rates in the sector and lower rent growth.
The NMHC index is set up so that a score of 50 represents equilibrium, with a score below that showing weakness in the market and a higher score indicating the market is improving. The new report reveals that three of the four components used to measure the health of the market are performing poorly.
The good news was that the Sales Volume Index managed to rise to 52 – the first quarter in two years with higher deal flow, with 21% of respondents reporting more sales compared to just 6% in January.
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