Insights

Trendspotter: Multifamily 2024 Year in Review


A year for renewals

In 2024, the multifamily sector witnessed a record number of new deliveries — nearly 30% more than 2023. This new supply, while welcome in a supply-constrained industry, drove some short-term pricing pressure for new leases. Most other metrics have settled into recent trends, but renewals took center stage in 2024 for volume as well as rates.

Download the report to learn about these key findings

  • Renewals increased in popularity, outperforming new leases
  • New lease pricing remained flat, continuing a two-year trend
  • Peak rental rates, which traditionally occur in summer months, shifted to fall

The previous report covering multifamily data through August 2024 is available here.

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