A new report from Cushman & Wakefield bears out the findings of other research reports — namely that demand for multifamily units is booming, and so is absorption. Vacancy has reached its lowest point since mid-2021. With construction way down, all the signs point to a recovery of fundamentals, including rents, in the next two years.

With 138,000 units absorbed in the second quarter, multifamily vacancies were pushed down 10 basis points. "Year-to-date (YTD) absorption has nearly surpassed the total demand from last year and is up 75% over the first half of 2023," Cushman reported. It believes the future looks good as a resilient labor market stimulates household formation and wages grow.

2Q2024 was the strongest quarter on record since 2000, the report said. Year-to-date saw absorption of nearly 230,000 units — almost surpassing the total of 253,000 units for the whole of 2023.