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As multifamily supply catches up to demand in many major U.S. cities, rent escalations are scaling back. However, according to housing market data tracker Resi Club Analytics’ reporting on recent Zillow data, this doesn’t appear to be the case for single-family rentals. Between March 2023 and March 2024, national single-family rents rose more than 5%, while multifamily rents rose by 2.7%. These trends have been prevalent across the country, but particularly in Sun Belt markets such as San Antonio and Austin, Texas, which have seen an influx of new residents over the past several years. 

A major reason is that many housing markets are experiencing a wave of multifamily completions, which were financed during the period of ultralow interest rates and are now coming online. In 2023, the U.S. witnessed a surge in apartment supply, reaching the highest levels since 1987, with over 439,000 units completing construction, according to RealPage. A lot more apartment/multifamily supply is coming in 2024.

According to the latest forecast from RealPage, a property management software company in the multifamily sector, 671,953 U.S. apartment units are projected to be completed in 2024. This would represent the highest level since 1974, the year of Richard Nixon's resignation.

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