Q2 Multifamily Demand Falls Due to COVID-19 Economic Downturn

 

  • Usually the strongest quarter of the year for multifamily demand, Q2 net absorption fell to just 21,100 units—the lowest Q2 level since 2009.

 

  • The vacancy rate rose by 30 basis points (bps) quarter-over-quarter to 4.6% and average monthly rent fell by 1.4% to $1,720.