Marcus & Millichap

Multifamily Spotlight

June 2017

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Vacancy Up Due to Elevated Class A Deliveries;
Rising Rents Point to Positive Momentum

The national apartment vacancy rate increased in the first quarter due to a combination of high Class A construction deliveries and historic fourth quarter absorption weakness being pushed into the first quarter. However, a 4.1 percent rise in the overall average rent and 242,000 units absorbed over the past year point to the underlying strong demand drivers for multifamily.

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