Multifamily real estate is heading into the new year strong after experiencing a three percent growth since Spring of 2018. Rental demand remains high, and multifamily vacancy rates fell to the lowest rate since 2000. Although single-family homes are still the gold standard, one-third of Americans surveyed by Zumper say that the American Dream doesn’t mean homeownership, and an additional 20 percent plan to never buy a home in their lifetime.
All indicators thus far show that 2019 will end up being a very solid year for multifamily real estate.
Now, a new report from YardiMatrix just adds more fuel to that fire.
In 2019, more than 320,000 multifamily units were absorbed into the market, or rented.
That absorption was short of the cycle peak of 377,000 in 2016, but 2019 marks the sixth straight year with at least 250,000 units absorbed.
Seattle, Denver and Dallas topped the absorption list, with Washington, D.C., Houston and Austin, Texas also having strong years.
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