National multifamily dynamics have been unusual in the last few years. As GlobeSt.com has reported in detail, high construction rates in some parts of the country have depressed rent growth and raised vacancy rates.
Developers and investors chased shifting demographics and people working from home. Just this year, 496,600 multifamily units were built, more than all of 2023, according to Census Bureau data pulled by the National Multifamily Housing Council (NMHC).
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