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Marcus & Millichap: Multifamily units in malls will likely increase

May 19, 2023

Refilling empty mall and shopping center anchor spaces with apartments has become a common practice among developers, and one that is likely to increase.

The United States apartment vacancy rate hit an all-time low of 2.5% in early 2022, and while it has cranked up to 5% in this year’s first quarter, demand continues to surge as high interest rates stall purchases of single-family homes.

Rental demand remains incredibly high. America is short some three million apartments, according to Marcus & Millichap senior VP John Chang, director of the expansive brokerage’s research and advisory services department.
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