CoStar: US Multifamily Demand Remains Steady As Historic Levels Of New Supply Come Online
US apartment demand remained strong in the third quarter. The multifamily sector continued its historic run of supply as developers brought new units on the market at a record clip.
Overall absorption for apartment units on a national basis remained steady in Q3 at nearly 45,000 units, with renters leasing 172,000 units in the 12-month period ending in September, CoStar reports.
The sector is continuing to see record levels of supply coming online in urban downtown markets, and CoStar director of advisory services Michael Cohen said that “apartment fundamentals remain mostly in check across the US on an annual basis.”
The real estate services firm foresees construction levels remaining strong, with total deliveries reaching 201,000 units in 2016. [CoStar]