U.S. Multifamily Rental Market Suffers Drop in Annual Rent Growth in February Amid Weak Conditions

By bhhsbowen March 23, 2023 CoStar News 0 comments

Record construction of new multifamily units is causing supply to significantly outpace demand, leading to a glut of available units on the market and downward pressure on rental rates. A total of 14 major U.S. markets are expected to set records for the most amount of new units added in a single year in 2023. (Getty Images)
Oversupply Conditions, Especially in Sun Belt Markets, Expected To Weigh on Rent Growth