All four indices in the National Multifamily Housing Council’s (NMHC) Q4 survey of apartment conditions fell below breakeven levels, signaling less favorable apartment market conditions at the end of the year. Conducted in January, the survey polled 131 CEOs and senior executives of apartment-related firms nationwide.
NMHC economist and senior director of research Chris Bruen noted that Census Bureau data indicates more apartments were delivered in 2024 than in any other year since 1974.
“This surge in new supply continues to put downward pressure on rent growth and occupancy, especially in sunbelt markets,” Bruen said.
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