Multifamily vacancies haven’t been this low since 2000

The multifamily market has had a good Millennium

It’s getting harder and harder to find an available unit in multifamily real estate.

In the third quarter of this year, multifamily vacancy fell to 3.6%, down 40 basis points from 2018, to the lowest level since 2000, according to a report from CBRE.

On average, rent rose 2.9% year over year, slightly higher than the historical average of 2.6%.

In Q3, builders completed 66,300 new units.

But, the net absorption of 307,600 units outpaced the completion of the 256,000 units for the year, meaning the high levels of multifamily demand nationwide sustained throughout the year.

According to CBRE’s report, this quarter marks the seventh in a row in which construction starts exceeded 100,000 units. This means that deliveries will remain high through at least 2020.

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