America's multifamily market could be nearing an inflection point as year-to-date multifamily absorption has risen 75% compared to the first half of 2023. Plus, the economy added 500,000 new jobs in the second quarter, and real wages grew.

Cushman & Wakefield's U.S. national multifamily report for Q2 2024 noted that multifamily vacancies declined by 10 basis points in the quarter as 138,000 units were absorbed. Inoccupancies fell in 90 of the markets the company tracks, led by the Midwest and including the oversupplied Sunbelt. "With weakening fundamentals over the past few years, the market has been slowly approaching an inflection point," it commented.

Year-over-year, the national vacancy rate rose to 8.6% in the quarter, but the company predicted it would fall over the coming 12 months. Net absorption in the quarter rose to 138,111 units and is expected to continue to rise in the coming year. Market rent climbed to $1,849 in the quarter, but is expected to fall in the future, with rent growth of 1.7% continuing to slip.