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Rental Market Stabilizes as Supply and Demand Reach Equilibrium

But getting to balance will take time as many factors are still moving.

By Erik Sherman | November 22, 2024 at 06:20 AM

The multifamily sector seems to be coming into equilibrium after a roller coaster into and out of the pandemic, Coldwell Banker Commercial wrote in its fall trend report.

Supply has been a contradictory factor. The report quotes the National Multifamily Housing Council, which estimates that the country needs 4.3 million more apartment units by 2035 to meet the demand for rental housing, especially as costs to buy a house, with high prices and mortgage interest rates, keep millions from moving into ownership from renting. It also includes 600,000 units that resulted from underbuilding after the Great Recession kickoff in 2008.

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