The U.S. multifamily market has likely turned a corner and has reached stabilization, as improving fundamentals buoy market sentiment, CBRE said in a quarterly report.
"Sentiment has improved significantly, as many investors believe that values have bottomed," Kelli Carhart, executive managing director of Multifamily Capital Markets at CBRE, said in a statement accompanying the report. "We expect transaction volume will remain healthy throughout the balance of the year."
After increasing quarter-on-quarter for the past two years, the overall multifamily vacancy rate remained unchanged at 5.5% in the second quarter of 2024 and should begin to fall towards its long-run average of 5% in subsequent quarters, CBRE said.
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