In the first quarter of 2023, the average multifamily rental unit was $699 less than the total median monthly home payment, according to Newmark’s Q1 United States Multifamily Capital Markets Report. This affordability gap is expected to continue driving demand for renting over owning a home due to growth in debt costs. Following three quarters of negative demand, Q1 saw absorption rebound to 19,243 units and is projected to reach its highest levels since 2021 by 2023 – well above the long-term average.
New supply will also see an increase with projections reaching nearly 550,000 units in 2023 and an all-time high of 588,000 units in 2024. Both quarterly and trailing 12-month vacancies spiked during this period but remain below their long-term averages at 5.2% and 4.4%, respectively stated within the report . Overall these figures indicate that renting remains more economical than owning a home as we move into later parts of this year
“Christy George Named as Intersect Illinois’ New CEO”
Christy George has been appointed as the new President and Chief Executive Officer of Intersect Illinois. She brings a wealth
Steve Griffin
September 20, 2024
